Bush's Fiscal Irresponsibility
So you thought Republicans were the party advocating limited government spending and fiscal responsibility? Think again. The Republican-dominated Senate voted today for to increase our federal debt by $800 billion.
The bill, if approved by the House in a vote expected on Thursday, would authorize the third big increase in the federal borrowing since President Bush took office in 2001. Federal debt has ballooned by $1.4 trillion over the past four years, to $7.4 trillion, and the new ceiling would allow borrowing to reach $8.2 trillion.
With no end in sight to the huge annual budget deficits, which hit a record of $412 billion this year, lawmakers predicted on Wednesday that the new ceiling would probably have to be raised again in about a year.
Democrats opposed the measure.
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