Administration Borrows more from Foreign Nations than Previous 42 Presidents Combined
Washington, D.C. - President George W. Bush and the current
Administration have now borrowed more money from foreign governments
and banks than the previous 42 U.S. presidents combined.
Throughout the first 224 years (1776-2000) of our nation's history, 42
U.S. presidents borrowed a combined $1.01 trillion from foreign
governments and financial institutions according to the U.S. Treasury
Department. In the past four years alone (2001-2005), the Bush
Administration has borrowed a staggering $1.05 trillion.
"The seriousness of this rapid and increasing financial vulnerability
of our country can hardly be overstated," said Rep. John Tanner (D-TN),
a leader of the Blue Dog Coalition and member of the House Ways and
Means Committee. "The financial mismanagement of our country by the
Bush Administration should be of concern to all Americans, regardless
of political persuasion."
The Blue Dogs have long expressed tremendous concern over mounting U.S.
debt and are particularly troubled by our growing dependence on foreign
governments to finance our debt. Earlier this year, the Coalition
offered a 12 Step Plan to cure our nation's addiction to deficit
spending. The Blue Dog plan required, among other things, that all
federal agencies pass clean audits, a balanced budget, and the
establishment of a rainy day fund to be used in the event of a natural
disaster.
"No American political leadership has ever willfully and deliberately
mortgaged our country to foreign interests in the manner we have
witnessed over the past four years," continued Rep. Tanner. "If this
recklessness is not stopped, I truly believe our economic freedom as
American citizens is in great jeopardy."