Month: January 2006

January 26, 2006 02:23 PM | Permalink |

The Congressional Budget Office issued new budget figures today that project $8.5 trillion in federal borrowing over the fiscal 2006–2016 period if President Bush’s tax and spending policies are maintained.

Read the Full Report

Want even more CTJ? Check us out on Twitter, Facebook, RSS, and Youtube!

January 23, 2006 02:25 PM | Permalink |

Since President George W. Bush’s tax cuts took effect in 2001, more than a quarter of all federal spending outside of the self-funded Social Security system has been paid for by borrowing—with no relief in sight.

From fiscal 2002 through fiscal 2005, deficits in the regular budget totaled a staggering $2 trillion, meaning that 27 percent of non-Social Security spending was financed with borrowed money. In fiscal 2006 so far, 30 percent of non-Social Security spending has been paid for by another $0.2 trillion in borrowing.

Read the Full Report

Want even more CTJ? Check us out on Twitter, Facebook, RSS, and Youtube!