From The Daily Reckoning:
“It’s getting another card.
“Congress is getting set to raise the federal debt limit $800 billion to $8.134 trillion. It cleared the Senate Wednesday night and went to the House last night. It’s thought that this will get the government through Sept. 30, 2005.”
The Clinton Administration added to federal spending at a rate of 1.5% per year. George W. Bush got out the credit card and boosted spending nearly four times as fast – an annual rate of 5.1%.
According to what we read, even if every ounce of gold ever mined had been available to it, the Federal government still wouldn’t have had enough money to cover its deficits in George W. Bush’s first term.
And the bears at the Daily Reckoning aren’t the only ones worried.