Last month, the Senate voted to raise the federal debt limit by $800 billion - on top of the $7.4 trillion we already owe. This increase constituted the third large increase in the federal borrowing limit since President Bush took office in 2001. With this new debt limit, the Administration will have added $2.1 trillion to the debt limit in less than 4 years.

What does this mean to the American people? Before the new increase in the debt limit, every man, woman and child in the United States had a share of almost $25,000 in national debt. With the new debt increase, that share increased by almost $2,700. More important, however, it means that the American people, in one way or another, must pay back this amount plus interest.

For the baby born today, our national debt is nothing less than a birth tax. �Welcome to the world, and here is your tax bill. You currently owe $25,000 plus interest, and we will be adding to the principal.� This is a sorry legacy for America�s children.

In the 2000 Presidential election, President Bush promised voters a fiscally responsible government. He claimed a sound program of tax cuts, tax incentives for businesses and individuals, job-creating investment incentives, and a comprehensive and effective approach to reduce unemployment. Instead, this Administration has delivered record red ink and a national debt that our children and grandchildren will struggle to pay off.

But, sadly, there is more. As Congress raised the federal debt limit by $800 billion, budget experts projected that the new ceiling will most likely need to be raised again in about a year forcing the federal government to continue borrowing against already strapped federal programs like Social Security.

The lack of fiscal responsibility that we see will be felt by all Americans. I voted against the new debt ceiling, believing that we must begin to make hard choices once again. We made hard choices during the 1990s when, with hard work and a bipartisan effort, we brought the federal budget into balance and created surpluses.

But, sadly, there is even more. Congress will soon be asked to consider some $70 billion in supplemental appropriations for military operations in Iraq, with no way to pay those costs.

I will take a new oath of office in January and, when I do, you can be sure that I will be ready to represent the people of California and work for them and for their future. You can be sure that I will take that oath seriously. . .

Sincerely,

Barbara Boxer
United States Senator

~~~

Word of the Day for Wednesday December 8, 2004

perfervid puhr-FUR-vid, adjective:
Ardent; impassioned; marked by exaggerated or overwrought emotion.

last / next



~~~~~~~~~~~peace, love and smooches~~~~~~~~~~~~~


Don't know why you'd wanna, but on the off-chance you may feel tempted to steal any of my words and claim them as your own, please be advised: All material
Copyright 2002-2005, Howl-at-the-Moon Words



***DISCLAIMER: These are my thoughts and my thoughts alone. If you know me in my "real life" off the net and have come across this page purely by accident, please keep in mind that you were not invited here and I would suggest you leave this page now. However, should you choose not to do so, please be warned that reading my thoughts here is not an invitation to discuss them off-line. You may discover things you do not know about me and may not like very much. Such is life. Again, this is MY space and I will use it as I see fit. If you are offended by anything here, well that's pretty much your own fault at this point. I say all of this with love, of course, but there it is.