Posted on 11/09/2005 7:30:30 AM PST by SoFloFreeper
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.
"The financial mismanagement of our country by the Bush Administration should be of concern to all Americans, regardless of political persuasion," said Tanner in a press release.
Earlier this year, the Blue Dog Coalition unveiled a 12-step plan to "cure" the nation's "addiction to deficit spending." It included requiring all federal agencies to pass clean audits, a balanced budget, and the establishment of a rainy day fund for use in emergencies specifically a natural disaster.
"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."
Who are the other members?
Let's face it, the guy spends like a Kennedy at a hooker convention.
He still hasn't returned my hedge clippers!
Do these clowns support the $54 billion in currently proposed budget cuts?
If not, their protestations ring hollow.
All bills for raising revenue shall originate in the house of representatives...
I always hated the idea of "The presidential budget"
He's not supposed to have word one about it unless the house does something.
Of course they don't.
Skull & Bones is supposedly the American incarnation of the Bavarian Illuminati, and the Illuminati are bent on world domination by replacing religion with humanism and establishing one world government. It's called the New World Order.
Since GWB is a member of the S&B secret society, it only makes sense that he would promote the New World Order through whatever means necessary, including motgaging our financial future to foreign interests.
/ Tin foil hat now removed
Seriously, what really cheeses me off about these articles is how quickly the authors dismiss common sense. Last time I checked the Constitution, Congress holds the purse strings, not the Prez.
A Clinton cigar has seen more action than Bush's veto pen.
That's true, but the President holds the Pen Of Veto and the power to make recisions from budgets. As President, Bush has never used either.
And the last time I checked the Constitution, the President could veto bills sent to him by Congress.
I guess President Bush must have skipped over that portion.
XXX-42 stole the veto pen along with the silverware and the W keys from the White House keyboards on his way out. Cheney has the spare hidden in an undisclosed location.
There sure does seem to be a concerted effort to sell out America, lock, stock and barrel. This administration seems to be in a panic to make it happen as soon as possible. Wonder why?
These 'cuts' sure didn't originate in the Oval Office.
We can thank the Republican Study Committee for forcing the issue on a White House that was reticent to any budget, or to be accurate - budget increase - cuts.
The true bush legacy?
> A Clinton cigar has seen more action than Bush's veto pen.
Heh! Thanks for the laugh. Things have been so depressing lately.
When, Lord, when will Republicans start acting like Republicans?
Not only does it need to be stopped, it needs to be 'reversed'. Bush has a horrible record on spending, but so does Congress over a period of twenty years. There is plenty of blame to go around, but the fact is that it is a serious problem which has to be addressed with something more substantial than proposed spending cuts which will be instituted in future years.
Did they account for inflation in those figures? $1 million 100 years ago is not the same as $1 million today
You mean, "When, Lord, when will Republicans start acting like economic conservatives?"
Problem is, the Republican Party is primarily a social conservative coalition party now. Nobody in DC likes economic conservatives, because economic conservative policies don't buy many votes.
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