OP/ED: US Needs to Borrow A Record $147B, page 1

Deficits are not an automatic boogeyman of Macroeconomics. Managed debt is a pragmatic part of any economic model at any level. However, when an administration couples that with massive and uncontrolled spending, requiring the raising of the debt ceiling to accommodate it, that is simply irresponsible and very dangerous to our fiscal solvency.

story.news.yahoo.com
The federal government, running record budget deficits over the past two years, is projecting that it will have to borrow a record $147 billion in the first three months of 2005, the Treasury Department announced Monday.
With the huge borrowing needs, the government is only $25 million below the national debt ceiling of $7.384 trillion. It has been using accounting maneuvers with the debt held in the government's trust funds to keep from going over the limit.
The Republican-controlled Congress is planning to return for a special session later this month to raise the debt ceiling and finish work on a budget. Republicans put off action on raising the debt ceiling because they did not want to have to vote on the issue before the election. Democrats blame the record deficits on Bush's decision to push through massive tax cuts that Democrats say mostly benefited the wealthy.

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There is so much that is categorized under "faith" when discussing this president & his administrations policies. But economics is a Science, and the data is irrefutable: The government, due to president Clinton's economic conservatism of "Pay as you Go", the polar opposite of Deficit Spending, through the 2001 budget year recorded a string of four surpluses, something that had not occurred for seven decades. Because of that, as a nation, we saw record numbers of people moving above the poverty level. We saw record numbers of people moving off of welfare. We saw record numbers reached across our economy. The Bush "record breaking" accomplishments? The hitting of the debt ceiling, again. Another budgetary year ending in September with yet another record deficit at $413B.

[edit on 3-11-2004 by Banshee]