Saturday, February 25, 2006

Spend spend spend

October 24 6:59 PM

Record debt is washing over the Treasury Department, recently breaching the $8 trillion mark in money owed to foreign governments, private investors and the Social Security retirement fund used to finance deficit-spending.

Republicans, who also control the White House, have now presided over an increase in $2 trillion to the national debt over four years or so, despite contending that they are the only U.S. political party that practices fiscal discipline.

Eight years of Democrat Bill Clinton's presidency resulted in around $1.6 trillion being added to the U.S. debt, but with the possibility of paying it all off by 2015.

Reuters

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