US Budget Deficit and the Bush Administration
More than two centuries of American government produced a cumulative national debt of $5.7 trillion when GW Bush was elected in 2000. Our national debt is expected to almost double, to $10.8 trillion, by 2010.
The comptroller general of the United States, David Walker, warns that 2004 may have been the single most fiscally irresponsible year in the HISTORY of our Republic.
Three quarters of our debt is being purchased by foreigners, with China leading the pack. Serious, non-partisan economists claim that in all likelihood the United States will experience an extreme financial crisis in the next five years. Our national debt, and continuing deficit spending by our elected officials, may very well bankrupt our country.
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