U.S. Government in Debt up to its Eyeballs
by Matthew Madia, 2/8/2006
President Bush's FY 2007 budget released on Monday allocated $441.3 billion for interest payments on the debt during fiscal year 2007. That's a huge 39 percent increase over the $318 billion spent four years ago and a 25 percent increase from the $352 billion spent last year. The president's allocation is a 11 percent increase over last year's request.
Interest payments on the debt will keep rising, and at an ever increasing rate, if the Bush administration keeps government running in the red. As recent estimates, and the president's own budget calculations show, continuation of current administration policies will do just that - particularly making Bush's first term tax cuts permanent.
Congress is already set to pass the forth increase to the debt limit in the last five years before mid-March - an exercise almost all Democrats and Republicans agree loathe. The new debt ceiling will be approximately $9 trillion.
This is simply unsustainable over the long run. When is this administration going to wake up and realize its policies have pushed the country into debt up to its eyeballs?
