George W. Bush's plan to bailout America's biggest investment banks involves buying out $700 billion worth of bad mortgages... this $700 billion will boost the US National Debt, currently sitting at $9.7 trillion, to the $10.4 trillion mark.
So if you've been keeping track of the US National Debt over the past 8 years you will have noticed something... Bush spends like a drunken liberal.
Furthermore Bush's plan also involves raising the National Debt ceiling to $11.3 trillion, suggesting Bush has other things he want to buy.
Apparently Bush doesn't understand the concept of a "ceiling". Its a spending limitation. You can't spend over it. Instead however he's been spending like crazy and has raised the debt ceiling every year he's been in the White House. Its like a welfare case calling the credit card company every year to ask for a bigger limit.
The United States is in for a hell of a time paying back this huge debt. Sooner or later China and Japan (which own 49% of the US National Debt) are going to stop loaning America money because its evident the Republicans have no intention of paying back this rather large IOU.
Don’t be surprised if the US defaults on the National Debt.
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