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.
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