This will be President Bush’s legacy:
Congress raised the limit on the federal government's borrowing by $781 billion yesterday, and then lawmakers voted to spend well over $100 billion on the war in Iraq, hurricane relief, education, health care, transportation and heating assistance for the poor without making offsetting budget cuts.
Or raising taxes, which would be the fiscally responsible thing to do... Instead, we just keep piling up the debt onto the backs of our children and grandchildren. But Republicans today don’t believe in raising taxes, so they just raise the debt ceiling instead.
It was the fourth debt-ceiling increase in the past five years, after boosts of $450 billion in 2002, a record $984 billion in 2003 and $800 billion in 2004. The statutory debt limit has now risen by more than $3 trillion since Bush took office.
If these are all things that we need to pay for, then we should take responsibility and pay for them. Raise taxes and pay the bills! Quit just running up huge debts on the false hope that it will all just go away.