Bush Administration Borrows more from Foreign Nations than 42 Presidents Combined

Bush Administration Borrows more from Foreign Nations
than 42 Presidents Combined


Thursday, November 3, 2005 at 2:12 PM

A release from John Tanner (D-TN)...




Washington, D.C. - President George W. Bush and the
current Administration have now borrowed more money
from foreign governments and banks than the previous
42 U.S. presidents combined.


Throughout the first 224 years (1776-2000) of our
nation's history, 42 U.S. presidents borrowed a
combined $1.01 trillion from foreign governments and
financial institutions according to the U.S. Treasury
Department. In the past four years alone (2001-2005),
the Bush Administration has borrowed a staggering
$1.05 trillion.


"The seriousness of this rapid and increasing
financial vulnerability of our country can hardly be
overstated," said Rep. John Tanner (D-TN), 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."


The Blue Dogs have long expressed tremendous concern
over mounting U.S. debt and are particularly troubled
by our growing dependence on foreign governments to
finance our debt. Earlier this year, the Coalition
offered a 12 Step Plan to cure our nation's addiction
to deficit spending. The Blue Dog plan required, among
other things, that all federal agencies pass clean
audits, a balanced budget, and the establishment of a
rainy day fund to be used in the event of 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," continued Rep. Tanner. "If this
recklessness is not stopped, I truly believe our
economic freedom as American citizens is in great
jeopardy."

http://www.dccc.org/stakeholder/archives/003836.html
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