Bush Administration Adds $4 Trillion To National Debt

[UpInArms]

http://www.cbsnews.com/blogs/2008/09/29/couricandco/entry4486228.shtml

With no fanfare and little notice, the national debt has grown by more than $4 trillion during George W. Bush’s presidency.

It’s the biggest increase under any president in U.S history.

On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That’s a 71.9 percent increase on Mr. Bush’s watch.

The bailout plan now pending in Congress could add hundreds of billions of dollars to the national debt – though President Bush said this morning he expects that over time, “much if not all” of the bailout money “will be paid back.”

But the government is taking no chances. Buried deep in the hundred pages of bailout legislation is a provision that would raise the statutory ceiling on the national debt to $11.315 trillion. It’ll be the 7th time the debt limit has been raised during this administration. In fact it was just two months ago, on July 30, that President Bush signed the Housing and Economic Recovery Act, which contained a provision raising the debt ceiling to $10.615 trillion.

Deputy Press Secretary Tony Fratto declined an invitation to comment on the enormous jump in the national debt during Mr. Bush’s presidency. He referred me to OMB – the Office of Management and Budget, which tried to make the case that as a percentage of the economy, the national debt is not that big.

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[daninthemoon]

1. Kinda makes the bailout seem small, doesn't it. Oh shit, wait minute

the bailout is going to be added to that number. I was already thinking that running tally sign in D.C. will have to be reset to add that in, in one big shovel full.

[unhappycamper]

2. Iraq and Afghanistan are going to add another $3.5 trillion to the deficit. n/t

[daninthemoon]

3. That's right. Makses you wonder how much other stuff will have to be

accounted for by the next admin.