Collapse : Bush Borrowed More Than All Previous Presidents Combined


Richard Moore


Bush Borrowed More Than All Previous Presidents Combined, Group Says 
By Melanie Hunter Senior Editor 
November 04, 2005 

( - President Bush and the current
administration have borrowed more money from foreign
governments and banks than the previous 42 presidents
combined, a group of conservative to moderate Democrats
said Friday.

Blue Dog Coalition, which describes itself as a group
"focused on fiscal responsibility," called the
administration's borrowing practices "astounding."

According to the Treasury Department, from 1776-2000, the
first 224 years of U.S. history, 42 U.S. presidents
borrowed a combined $1.01 trillion from foreign
governments and financial institutions, but in the past
four years alone, the Bush administration borrowed $1.05

"The seriousness of this rapid and increasing financial
vulnerability of our country can hardly be overstated,"
said Rep. John Tanner (D-Tenn.), a leader of the Blue Dog
Coalition and member of the House Ways and Means

"The financial mismanagement of our country by the Bush
Administration should be of concern to all Americans,
regardless of political persuasion," said Tanner in a
press release.

Earlier this year, the Blue Dog Coalition unveiled a
12-step plan to "cure" the nation's "addiction to deficit
spending." It included requiring all federal agencies to
pass clean audits, a balanced budget, and the
establishment of a rainy day fund for use in emergencies
specifically a natural disaster.

"No American political leadership has ever willfully and
deliberately mortgaged our country to foreign interests in
the manner we have witnessed over the past four years,"
said Tanner. "If this recklessness is not stopped, I truly
believe our economic freedom as American citizens is in
great jeopardy."



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