September 13, 2007 02:07 PM | Permalink |
President George W. Bush has added $3 trillion to the national debt so far, despite inheriting a balanced budget when he took office in 2001. Since then, Congress has been forced to raise the statutory limit on the total amount the federal government is allowed to borrow four times — in 2002, 2003, 2004 and 2006. Yesterday, the Senate Finance Committee approved legislation to raise the debt limit a fifth time, to an unprecedented $9.815 trillion, to prevent the federal government from defaulting on its debts and being unable to borrow any more. In contrast, when Bush took office, the debt limit was $5.950 trillion — $3.9 trillion less than the new amount.