November 13, 2007

President Bush Lecturing Democrats on Fiscal Responsibility: Priceless

Today, President Bush once again played politics with our nation’s priorities by vetoing the Labor-HHS-Education spending bill and lecturing Democrats on fiscal responsibility. But as today’s report by the Joint Economic Committee underscores the growing cost of the Iraq War, it is clear that the President has little ground to stand on. President Bush has increased our nation’s debt by $3 trillion dollars and funded his entire failed Iraq war strategy on the nation’s credit card, maxing it out 5 times. Instead of playing politics, President Bush should work with Congress to fund our nation’s priorities.

• What the Bush Administration Said the War in Iraq Would Cost: $50-$60 Billion

• Total Economic Costs of Iraq War Through 2008: $1.3 Trillion [JEC Report, “War at Any Price?” 11/13/07]

• Projected Costs of Iraq and Afghanistan Wars Through 2017 Even If U.S. Does Drawdown to Korea-Like Levels: $3.5 Trillion [JEC Report, “War at Any Price?” 11/13/07]

• Cost to a Family of Four to Fund Iraq and Afghanistan Wars Through 2017: $46,400 [JEC Report, “War at Any Price?” 11/13/07]

• President Bush Lecturing Democrats on Fiscal Responsibility: Priceless

President Bush will pass on a $9 trillion credit card bill to America's next generation:

President Bush and the Republican Congress Increased Federal Spending by About 50 Percent.  Federal outlays in Fiscal Year 2001 totaled $1.86 trillion.  Outlays in Fiscal Year 2007 totaled $2.73 trillion and OMB projected outlays to total $2.92 trillion in FY08.  [Office of Management and Budget]

On President Bush’s Watch, Record Surpluses Turned into Record Deficits. President Bush inherited a unified budget surplus of $236 billion, the largest surplus in American history. The Bush Administration took these surpluses, and turned them into the three largest deficits in US history, including reaching a record of $413 billion in 2004. [President Bush's Budget for Fiscal Year 2002, A Blueprint for New Beginnings, 2/28/01; Office of Management and Budget] 

President Bush and the Republican Congress Increased Debt by More Than $3 Trillion. Under President Bush and the Republican Congress, our national debt has risen by more than $3 trillion to about $9 trillion, or roughly $30,000 for every man, woman and child in America. [US Department of the Treasury]  

• President Bush and the Republican Congress Doubled Foreign-Held Debt. President Bush and the Republican Congress have doubled our foreign debt to more than $2 trillion. It took 42 presidents 224 years to build up the same level of foreign debt. [Senate Budget Committee]

On President Bush’s Watch, Debt Limit Has Been Raised 5 Times. “At the end of September, U.S. President George W. Bush signed a measure to increase the debt limit ceiling to $9.815 trillion from $8.965 trillion, allowing the government to keep issuing debt. The increase in the debt limit is the fifth since Bush took office in January 2001. The U.S. debt stood at about $5.6 trillion at the start of his presidency.” [Reuters, 11/7/07]

President Bush is running up America's credit card on Iraq:

FY 08 Supplemental Request for Iraq and Afghanistan - $196 Billion [New York Times, 10/23/07]

FY 07 War Supplemental - $97.8 Billion. [Senate Vote #181, HR 2206, 5/24/07]

FY 06 War Supplemental - $94.5 Billion [Senate Vote #171, HR 4939, 6/15/06] 

FY 05 War Supplemental - $82 Billion [Senate Vote #117, HR 1268, 5/10/05]

FY 04 War Supplemental - $87.5 Billion [HR 3289, 11/3/03]

While he continus to run up debt for his failed Iraq strategy, President Bush refuses to invest here at home:

But President Bush Has Threatened to Veto Spending Bills Above His Overall Budget Request. President Bush has said he will veto spending bills that exceed his overall request. The difference between Democrats’ spending bills and the president’s budget request is relatively small, $22 billion more than his $933-billion proposal, an increase of about 2 percent. The $22 billion represents less than 1 percent of the entire federal budget and Democrats contend the number pales in comparison with the amount being spent in Iraq, approximately $10 billion a month and more than $450 billion since 2003. [Los Angeles Times, 9/25/07; New York Times, 9/24/07]

• Difference Amounts to What We Spend in Iraq in 2 Months. According to a recent report from the Congressional Research Service, the U.S. is spending approximately $10 billion per month for the war in Iraq. The $22 billion difference amounts to a little over two months spending in Iraq. [CRS Report, 7/16/07]

 

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