The U.S. Congress approved a $781 billion increase in the federal government's debt limit, the fourth time lawmakers have raised the cap since President George W. Bush took office.
The Senate voted 52-48 to increase the legal limit on federal borrowing to $8.97 trillion, up from $8.18 trillion. The House approved the measure last year, meaning the legislation now goes to the president for his signature.
Since President Bush was appointed to office, the federal debt has increased by $3 trillion. That's roughly $600 billion per year from a President that claims to be a conservative. That's money that will one day have to be repaid, and until that day, will have interest accruing that the U.S. taxpayers have to cover.
It's long past time to put to bed the myth that Republicans believe in fiscal responsibility. That claim is nothing but empty rhetoric on a day when our statutory debt limit has been raised to about two-thirds of our gross domestic product. Republicans are not against government spending. They're against taxes which pay for government spending. They believe their wealthy supporters should bear no fiscal responsibility towards the country that has allowed them to accumulate such wealth. Allowing the wealthiest of Americans to shirk their civic responsibility is nothing but class warfare on a national scale. It's a blatant attempt to abet the concentration of wealth at the top tier of society, a trend which has historically spelled disaster for the nations in which it occurs.
Actually, Bush's tax cuts don't really exist at all. It's impossible to cut taxes without cutting spending, unless the Republicans plan on defaulting on our obligations and ruining the U.S. economy. The Bush tax cuts are nothing but tax deferments. Taxes will have to be levied on our children one day in order to meet the obligations this President is placing upon them. Republican fiscal policy represents the very worst irresponsible money management; the borrowing of money today that succeeding generations will be required to pay tomorrow.
The facts of the matter are clear, no matter what the Republicans claim. The last three Republican presidents have plagued the United States with their reckless spending habits while cutting taxes for the wealthy (Bush the Lesser) or raising taxes on the working class (Bush the Greater, Reagan). Only Bill Clinton actually balanced the budget and used budget surpluses to retire some of the debt. That's fiscal responsibility. Not cutting taxes for those most able to pay while burying future generations under a mountain of debt.