The Bush Debt Totals $7.7 Trillion

The federal budget deficit is currently at $87.7 billion so far this budget year, double the imbalance during the same period last year.

Today, lawmakers took to the Senate floor and blasted President Bush’s wasteful spending. To fully illustrate the impact, Sen. Sheldon Whitehouse (D-RI), brought up a chart showing the budget plans of President Clinton versus the budget formulated by Bush. He concluded that by squandering Clinton’s government surplus, Bush has cost the country $7.7 trillion:
This next chart illustrates the value of the differences between the budget landscape planned by President Clinton and the one created by President Bush. As you can see, the difference between the two is a staggering $7.7 trillion. This number represents the fiscal harm that President Bush has inflected on our nation. This number is the Bush debt. […]
Like most concepts of enormous size, this amount takes some thought to comprehend. $7.7 trillion is $25,000 owed by every adult or child in the United States.

The federal budget deficit is currently at “$87.7 billion so far this budget year, double the $42.2 billion imbalance recorded during the same period in 2007.”

Additionally, five years after the U.S. invasion of Iraq, national unemployment is going up. Between December 2006 and December 2007, the national unemployment rate increased by 13.6 percent in seasonally adjusted terms, from 4.4 to 5.0 percent. Additionally, 68 percent of the American public believes that redeployment from Iraq would help fix the country’s economic woes.

Amanda Terkel is Deputy Research Director at the Center for American Progress and serves as Deputy Editor for The Progress Report and at the Center for American Progress.
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