Total US Government debt.
09/28/2007 $9,007,653,372,262.48
09/30/2008 $10,024,724,896,912.49
Debt to the Penny (Daily History Search Application)
The US government borrowed over one trillion dollars in FY2008. This exceeds the previous record set in 2004 by $400 billion dollars.
President Bush, November 2004:
Well, I, you know, I would suggest they look at our budget that we've submitted to Congress, which does in fact get the deficit cut in half in five years. And it is a specific, line-by-line budget that we are required to submit and have done so.
The key to making sure that the deficit is reduced is for there to be on the one hand, spending discipline -- and I've -- as you noticed in my opening remarks, I talked about these appropriations bills that are beginning to move. And I thought I was pretty clear about the need for those bills to be -- to be fiscally responsible. And I meant it. And I look forward to talking to the leadership about making sure that the -- the budget agreements we had are still the budget agreements -- that just because we had an election, that they shouldn't feel comfortable changing our agreement. And I think they understand that.
Secondly, the other way to make sure that the deficit is -- decreases -- is to grow the economy. As the economy grows, there'll be more revenues coming into the Treasury. That's what you have seen recently. If you notice that there's been some -- there's been some write-downs of the budget deficit whereas the deficit is less than we thought because the revenues is exceeding projections. And the reason why the revenues -- the revenues are exceeding projections. Sometimes I mangle the English language. I get -- anyway -- yeah, very inside.
THE 2004 ELECTION; 'I'm Ready for the Job,' Bush Says in News Conference After Election - New York Times
Failed government.
Mr. McCain – who has said that he wants to balance the budget while making the Bush tax cuts permanent, cutting additional taxes, and keeping troops in Iraq – said: “I believe we can grow this economy, and reduce this deficit.’’
Asked About the Deficit, McCain Cites Reagan’s Example - The Caucus Blog - NYTimes.com
More of the same.
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