BUSH ADMINISTRATION MAXES OUT FEDERAL GOVERNMENT'S CREDIT CARD: Treasury
Secretary John Snow notified Congress yesterday that the administration had
taken "all prudent and legal actions" to keep from hitting the $8.2 trillion
national debt limit. In urging Congress to raise the debt ceiling, Snow said
the Treasury had already hit a crisis point because it had exhausted the $15
billion Exchange Stabilization Fund and is now tapping the Civil Service
Retirement and Disability Fund which should provide a "few billion" dollars
in extra borrowing money.
Should Congress ultimately agree to raise the debt ceiling, as it is
expected to do, it will be the fourth increase in the last five years. The
fact that the administration increasingly depletes its funds and seeks to
extend its credit line is a direct result of a host of "imprudent" actions
over the past five years, namely overseeing a rapid increase in government
spending while also handing out huge tax cuts for the rich.
According to the Government Accountability Office, the estimated fiscal
exposure -- i.e. the increasing government spending liabilities -- has more
than doubled during the Bush presidency. Meanwhile, Bush has failed to veto
a single bill passed by Congress and has instead called for more tax cuts
which have played a leading role in fueling the deficit.
http://www.democracyinaction.org/dia/track.jsp?key=90623434&url_num=75&url=http://www.cbpp.org/1-25-05bud.htm
Basically Americans will face soaring inflation and high prices, if not a
Worldwide depression the likes never before seen for years to come because
Bush wants to give a few wealthy friends "a break".
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