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      « Obama just lost my vote… I want to write in Reverend Jeremiah Wright | Home | Tulsa press remembers “The Tomato Man,” Darrell Merrell »

      It’s time for Bush and Congress to quit running up the government “credit card”

      By jmb | April 30, 2008

      MSNBC/AP: One-year Treasury bill returns as deficit soars — Bush adminstration expands borrowing options after stimulus checks sent

      WASHINGTON - The Bush administration, moving to cope with soaring budget deficits, says it is bringing back the one-year Treasury bill that it stopped issuing seven years ago when the budget was in surplus.

      The administration said Wednesday it would begin selling the one-year bill, also referred to as a 52-week bill, at an initial auction in June. New one-year securities will be auctioned every four weeks.

      The government is looking for various ways to borrow the billions of dollars in extra cash it will need to cover a budget deficit that is expected to jump to an all-time high this year, surpassing the old mark of $413 billion set in 2004.

      A big part of the increased borrowing reflects the need to pay for economic-stimulus rebates to 130 million households. The government began disbursing the payments on Monday in an effort to give the economy a jump start. . .

      Oh great… so this economic stimulus is from borrowed money? This is utter insanity.

      Topics: Politics |

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