Deficits continue to climb as the Fed bleats about raising taxes to pay for it.
Bush's economic policy is nothing if not consistent. Deficits as far as the eye can see.
U.S. Trade Gap Hits $68.51 Billion
Auto, Petroleum Imports Lead to Another Record, Fueling Jitters in Congress
March 10, 2006
WASHINGTON -- The U.S. trade deficit hit another record in January amid increasing political jitters in Congress over rising imports from China and America's increasing reliance on foreign capital.
The deficit came in at $68.51 billion, expanding 5.3% beyond the December shortfall, the Commerce Department reported.
Some lawmakers jumped on the trade report to argue that President Bush's trade policies are fueling a trade deficit that must be funded by huge inflows of foreign investment.
"The only way for the United States to keep financing $2 billion a day in trade deficits is to sell off U.S. assets, and that now apparently includes our security assets," Sen. Byron Dorgan, a South Dakota Democrat, said in a prepared statement.
Is someone finally going to talk about raising taxes to pay our bills? It's about f#$%ing time. They need to start with a war tax to pay for our mess in Iraq - we shall see how popular the President is when people have to face his credit card bill.
Bernanke Wants Lower Deficits, Doesn't Rule Out Tax Increases
March 15, 2006
WASHINGTON -- Federal Reserve Chairman Ben Bernanke told Congress he was "quite concerned" about federal budget deficits and urged lawmakers to act soon to bring them down.
"Over time either taxes will have to be raised or the spending increases embedded in current laws will need to be scaled back, or some combination of the two," he wrote.
