Bush Has Borrowed More Than All Previous Presidents Combined

[guruoo]

From a wingnut news site....
http://www.cnsnews.com/news/viewstory.asp?Page=%5CNation%5Carchive%5C200511%5CNAT20051104b.html


Bush Borrowed More Than All Previous Presidents Combined, Group Says
By Melanie Hunter
CNSNews.com Senior Editor
November 04, 2005

(CNSNews.com) - President Bush and the current administration have borrowed more money from foreign governments and banks than the previous 42 presidents combined, a group of conservative to moderate Democrats said Friday.

Blue Dog Coalition, which describes itself as a group "focused on fiscal responsibility," called the administration's borrowing practices "astounding."

According to the Treasury Department, from 1776-2000, the first 224 years of U.S. history, 42 U.S. presidents borrowed a combined $1.01 trillion from foreign governments and financial institutions, but in the past four years alone, the Bush administration borrowed $1.05 trillion.

"The seriousness of this rapid and increasing financial vulnerability of our country can hardly be overstated," said Rep. John Tanner (D-Tenn.), a leader of the Blue Dog Coalition and member of the House Ways and Means Committee. "No American political leadership has ever willfully and deliberately mortgaged our country to foreign interests in the manner we have witnessed over the past four years," said Tanner. "If this recklessness is not stopped, I truly believe our economic freedom as American citizens is in great jeopardy."

[mattclearing]

1. He borrowed a hell of a lot more than that.

And so did Reagan.

I thought it was more in the 4-5 trillion range. There's a billboard in NYC.

[texpatriot2004]

2. Way more like to the tune of 5 to 8 Trillion more.

"The seriousness of this rapid and increasing financial vulnerability of our country can hardly be overstated," said Rep. John Tanner (D-Tenn.), a leader of the Blue Dog Coalition and member of the House Ways and Means Committee. "No American political leadership has ever willfully and deliberately mortgaged our country to foreign interests in the manner we have witnessed over the past four years," said Tanner. "If this recklessness is not stopped, I truly believe our economic freedom as American citizens is in great jeopardy."

Thank you John Tanner

[MrMonk]

5. Correct.

The numbers in the article describe how far in debt we are to *foreign* entities.

[TheCowsCameHome]

3. He's on borrowed time, all right. Wait til '06 and '08.

[LVdem]

4. All the Rupubs do is "Borrow and spend"...

That should be the Dem mantra as we enter the next election cycle.

[Atman]

6. Why is ANYONE surprised? He's doing exactly what he promised.

He's "running America like a business."

Take out a shitload of loans, overextend yourself, sell off your assets when times get tough, then file bankruptcy after you've made your personal millions, leaving your investors and creditors stuck with the tab.

Exactly as promised. Exactly as he's done several times before.