Mar 16, 2006

Nine trillion dollars.

I'm sick to my stomach after reading this. Under Clinton, didn't we have a surplus? I'm just saying.
Only a handful of Republicans spoke in favor of the measure as a mostly empty Senate chamber conducted a brief debate Wednesday evening.

Senate Finance Committee Chairman Charles Grassley, R-Iowa, said Bush's tax cuts account for just 30 percent of the debt limit increases required during his presidency. Revenue losses from a recession and new spending to combat terrorism and for the war in Iraq are also responsible, he said.

As for the $781 billion increase in the debt limit, Grassley said: "It is necessary to preserve the full faith and credit of the federal government."
Newsflash for Grassley: Being nine trillion dollars in debt really does nothing for me in terms of preserving my faith in the federal government right now. Seriously.

(Props to Rich for the link.)


Kvatch said...

Yeah, but the real questions is: If they hadn't raised the debt ceiling would be all have been immediately asked to contribute our $30,000 in order to forstall world-wide fiscal calamity?

mrgumby2u said...

So his point is that something that accounts for only a third of the debt isn't work focusing on? Even if that third is the part we can have the most actual control over?