I Will Gladly Pay You Tuesday ...By Emelius at 9:14 PM
Republicans gathered today to celebrate a debt of $3.44 billion for December 2004. With 2004 having a record deficit in dollar terms of $412.3 billion, we are still spending an incredible amount of debt and not paying off a cent of it. Add into it Bush's many government spending proposals such as tax credits and privatized Social Security and Pensions and there is no freedom from this giant weight that will straddle American workers for decades to come. The White House has yet to give out a year when we will be in the black again. The closest they can come is saying that in 10 years we will have a spending deficit of $65 billion. That is money spent for the fiscal year, not the overall deficit. I have been crunching numbers for months and it all falls short of White House estimations. No matter how I slice it, the White House underestimates it's spending into 2016 by about $600 billion and that is without any new proposals, surprises, or wars.
The CBO estimates making Bush's tax cuts permanent would add $2.2 trillion to the shortfalls through 2014, including the government's added borrowing costs. Easing the alternative minimum tax's impact on middle-income earners would cost another $435 billion.