Deficit Will Hit Record $427B
The Bush administration is on track to add over three trillion dollars to the national debt in its two two terms (source: US Treasury Department). It took 220 years for the United States to rack up its first three trillion dollars of debt (two thirds of it under Ronald Reagan). It will take just the eight years of the two Bush administrations to add another three trillion dollars.
The White House is blaming entitlements, like health care spending for the elderly. But the $80 billion that Bush requested for fighting in Iraq and Afghanistan certainly must be at least partly responsible for the biggest single year deficit in our nation's history, no?
"That $80 billion would come on top of $25 billion already appropriated for the war this year, pushing the total cost of fighting to $105 billion, up from $88 billion in 2004 and $78.6 billion in 2003."
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