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Tuesday, March 28, 2006

America's Debt Wish

by Bob Burnett
Late on the evening of March 16th, the Senate passed a record $2.8 trillion budget and increased our national debt limit to a tad below $9 trillion. You may ask what difference it makes that our national debt is trillions of dollars and each citizen's share is $27,981?
 
It makes a lot of difference in terms of the operation of the US government. More importantly, it says a lot about the American psyche.
 
We have an $8.363 trillion debt because the Bush Administration spends money as if there'll be no tomorrow. And they have a rather cavalier attitude about all their expenses; they don't want to pay for them. Their constant refrain is, "put it on my tab." When the tab comes due, there's not enough money in the US treasury to pay for it-remember those tax cuts that Republicans are so fond of-and so the government has to borrow money.
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