"President Bush's announcement that we'll have a $482 billion deficit this year is extremely disconcerting" said Senator Bernie Sanders. After almost eight years of the Bush administrations' misguided economic policies, the president plans to leave office in 2009 with the largest federal deficit in American history. This deficit spending adds to our massive national debt, a burden the president has decided to pass on to the next president and future generations. We need a new direction. Sanders said, "It is high time to rethink a policy by which we're spending $10 billion every single month in Iraq at the same time as we're giving huge tax breaks to millionaires and billionaires."
As the Detroit Free Press editorialize, "The projected budget deficit, that's the difference between income and outgo in a given 12-month period, is $482 billion for 2009. And that does not include the full costs for the wars in Iraq and Afghanistan; so the debt, and those interest payments, won't be getting any smaller."
To read the Washington Post coverage of the deficit announcement, click here.
To view comments from the Senator click here.