Bush leaving nation drowning in red ink

President George W. Bush’s administration acknowledged Monday that it would leave behind a massive budget deficit but could not say whether it would exceed one trillion dollars.

"The size of the budget deficit, whatever the number is, I can’t predict whether it’s going to be a trillion or something less than that," said White House spokesman Tony Fratto.

Fratto said it would be a "very significant number."

He was commenting on a warning by vice president-elect Joseph Biden at the weekend that the incoming administration of Barack Obama could inherit a deficit exceeding a trillion dollars, the largest in US history.

The deficit hit 455 billion for the fiscal year that ended September 2008.

Fratto said that the burgeoning deficit stemmed from recession caused by financial turmoil fuelled by a home mortgage meltdown.

"And I think it’s going to reflect two things. One is the downturn in the economy and the slowing of receipts coming into the federal government. It’s also going to reflect the large increase in spending over the short term to deal with the financial crisis," Fratto said.

Biden, in his first interview since the November 4 election, told ABC television that the US economy was in "much worse shape" than he thought and needed a second stimulus package to prevent it from tanking.

He called for a second big stimulus package to keep the world’s biggest economy from "absolutely tanking."

"Every single person I’ve spoken to agrees with every major economist. There is going to be real significant investment, whether it’s 600 billion or more, or 700 billion, the clear notion is, it’s a number no one thought about a year ago," Biden said.

Fratto said that with just 29 days ahead of Obama’s inauguration on January 20, the Bush administration would not propose a second economic stimulus plan.

"I don’t think there’s any chance of a second stimulus package at the end of this administration in the days that we have remaining," he said.

"I know that the next administration and congressional leaders are discussing what they intend to do, and what their plans are, but it’s not something we’ll be doing," he said.

The economy is still in dire straits despite a 700-billion-dollar rescue plan signed by President George W. Bush.

Obama and his Democratic colleagues in Congress hope to have an economic stimulus package as big as 850 billion dollars ready when the White House changes hands next month, putting the economy at the top of the agenda.

The stimulus plan will be "the top priority in the first 100 days of the next Congress," which convenes in early January, House of Representatives majority leader Steny Hoyer said last week.

5 Responses to "Bush leaving nation drowning in red ink"

  1. Cosmic Surfer  December 23, 2008 at 12:31 pm

    Unfortunately, the naiveté of our Congress and the citizens of this country is still haunting us.
    We still cannot fathom what has been done to us by this cabal of criminals who stole the nation and sold it to China and the House of Saud….Judas is a Saint compared to Cheney…..Attila the Hun a choir boy
    What comes out each day is worse than what was exposed the day before – even those of us that thought we were expecting the worse cannot comprehend the absolute GREED and complete inhumanity of this administration and those they have drawn in to support them –
    KB&R starting as a defunct pimp in WWII and Viet Nam to a multi-billion dollar corporation handed hundreds of BILLIONs of dollars to use for human trafficking and slavery; cooking with gray and brown water; serving ice with blood and human tissue; tents covered in black mold to house military personnel; open raw effluent rivers; showers with live wires on the floor, open and broken outlets, ungrounded wiring; charging military personnel $8-$10/plate for any food and $5-$10 a bottle for water (equaling more than any military private, corporal or any other non-com even makes just for their food to keep alive in the middle of a desert).
    Halliburton – sending “advisors and contractors” to be paid $100,000 _+ a year to take jobs from the service men and women relegating the trained military to menial jobs at 25% of the pay; providing inferior equipment and supplies while overcharging for construction and services.
    Blackwater – Bush’s personal Praetorian Guard, again paid 4 times what the military personnel are paid, again stealing the best jobs while relegating the trained military personnel to IED scout and, if they are lucky, Humvee driver; playing target practice out the back of trucks, shooting at citizens driving on the highway and forcing accidents while filming to send home to their friends and family as extra video entertainment, setting it all to Elvis’ rendition of “Mystery Train”; shooting at anyone – man, woman and child, to “defend themselves”
    And this is JUST the illegal war on IRAQ – 1,000,000 citizens and counting dead; 2,000,000 citizens and counting displaced – run out of their homes, their families devastated; 4200 and counting AMERICAN soldiers dead.
    DEPLETED URANIUM; DESTROYED wildlife; Destroyed land and cities; services disrupted; education stopped and schools, museums, universities looted
    AND THIS IS JUST IRAQ
    $5,000 a second for 6 years!!!!!!!!!!!!!!!!!!!!!!
    Then we can discuss the destruction of the Constitution; the secret prisons, TORTURE; the economy; the environment.
    BUSH and his cabal are a tiny army of DESTRUCTION.

    The fact that Biden and the rest are just finding the depth of the problem is of no surprise – The Administration didn’t care, didn’t pay attention; and actually hid it from everyone until they could no longer do so…..
    I truly believe if they had been able to hold out until the end of December, Bush would NEVER have said a word and made it a January surprise – his little practical joke on the new administration but the economy wouldn’t wait and the depression was looming (he actually might have lost a dollar or two himself!)

    These guys are the worst sort – Pathological….purely PSYCOPATHOLOGICAL…
    SuperMax has a few rooms ready….That should be their retirement community

  2. Carl Nemo  December 23, 2008 at 6:49 pm

    Thanks CosmicSurfer for your spot-on laundry list of high crimes committed against the people of this nation.

    Their evil agenda could not have been accomplished without fierce, mindless, republican partisanship along with a host of “Blue Dog” dem sympathizers that supported Bush/Cheney’s evil policies for the past eight years.

    In light of your indictment list, it leaves a citizen hushed as to how bad things have gotten with little hope for a reversal even with President Obama at the helm.

    It seems that Obama is going to shift the Iraqi debacle to Afghanistan. So our extrication from Iraq will end up as nothing but a “smoke and mirrors” endeavor while the tax-debtors of this nation continue to financially hemorrhage as our out of control government continues to waste money as if there’s no tomorrow on engineered wars and cockamamie schemes to bail out our failing economy… : |

    Carl Nemo **==

  3. Cosmic Surfer  December 23, 2008 at 12:47 pm

    As a final note – I wonder what the cost of Bush’s final fairwell and F*** Off Tour has been while most of us are left wondering if we will be able to hold out even another year or if we will be out of work and out of luck by Christmas 2009…..

  4. adb8917  December 23, 2008 at 2:01 pm

    I think most of us share your sense of outrage, Cosmic… The next few years are going to be extremely painful for all of us. Might not hurt to put out a message to the multinational and globalizing industries that if they put Dubya or Deadeye Dick on their boards of directors, that they’ll face massive consumer boycotts of whatever goods and services they provide. Add icing to the cake, if any of those MNCs do business with the US Government, we’ll find ways to protest their contract awards and aggressively seek to have them debarred from doing any other business with the Feds.

    I’d also like to propose a nationwide fundraising campaign to buy ads in all of the major newspapers singling out George W. Bush, and to run on January 20th, citing Oliver Cromwell’s words when he dismissed the English Parliament in 1653: “You have sat too long here for any good you have been doing. Depart, I say, and let us have done with you. In the name of God, go.”*

    * Also said of Neville Chamberlain at the end of his disastrous term as British Prime Minister at the outset of WWII.

    ADB

  5. gazelle1929  December 23, 2008 at 7:27 pm

    ” . . . if any of those MNCs do business with the US Government, we’ll find ways to protest their contract awards and aggressively seek to have them debarred from doing any other business with the Feds.”

    Ooooh, I really like that idea.

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