Thursday, November 08, 2007

Money, Money, Money

The national debt has hit $9 trillion for the first time.

The Treasury Department, which issues a daily accounting of the debt, said Wednesday that the debt subject to limit was at $9 trillion on Tuesday. It was $8.996 trillion on Monday.

Last month, Congress passed and President Bush signed into law an increase in the government's borrowing ceiling to $9.815 trillion. It was the fifth debt limit increase since Bush took office in January 2001. Those increases have totaled $3.865 trillion.
(Source: Albuquerque Journal, November 8, 2007)

Now correct me if I'm wrong, but wasn't the budget balanced before Bush took office? And remind me again how much money we spend daily on the war in Iraq?


Anonymous said...

we must shut down the idiot "in charge" who is morally & financially bankrupting us.

M. said...

Let's be sure to distinguish between the national debt and the budget surplus/deficit. The national debt is a cumulative debt for every year that we've had to borrow when we spend more money than we collect. The budget deficit or surplus is the yearly amount by which budgeted expenses exceed or balance with monies collected. Clinton balanced some budgets during his presidency--in those years we did not add to the national debt (other than the interest that accrued). Long story short--the situation stinks.