Bush Takes America $482 Billion In the Red July 29, 2008
The New York Times reported today that “President Bush would leave a record $482 billion deficit to his successor”, and this staggering figure doesn’t even reflect the full situation:
The White House predicted Monday that President Bush would leave a record $482 billion deficit to his successor, a sobering turnabout in the nation’s fiscal condition from 2001, when Mr. Bush took office after three consecutive years of budget surpluses.
The worst may be yet to come. The deficit announced by Jim Nussle, the White House budget director, does not reflect the full cost of military operations in Iraq and Afghanistan, the potential $50 billion cost of another economic stimulus package, or the possibility of steeper losses in tax revenues if individual income or corporate profits decline.
The new deficit numbers also do not account for any drains on the national treasury that might result from further declines in the housing market.
Half a trillion dollars. Mission accomplished.
The problem is that the President has no authority under the Constitution to spend a penny. The only branch that can spend any money is the Legislative Branch, and that is run by the Democrats for the last 2 years…. and they have a lower approval rating than Bush does….
Kind of makes you think, huh?