Your grandchildren will be paying this off…thanks to the Bush economy: Senate OKs $800B Debt Limit Hike . (AP):
A divided Senate approved an $800 billion increase in the federal debt limit Wednesday, a major boost in borrowing that Sen. John Kerry and other Democrats blamed on the fiscal policies of President Bush.
The mostly party line, 52-44 vote was expected to be followed by House passage Thursday. Enactment would raise the government’s borrowing limit to $8.18 trillion – $2.23 trillion higher than when Bush became president in 2001, and more than eight times the debt President Reagan faced when he took office in 1981.
In his first remarks on the Senate floor since his presidential bid ended in defeat two weeks ago, Kerry, D-Mass., said his former opponent had presided over “the worst fiscal turnaround in our nation’s entire history.”
…This can be called a birth tax, a birth tax that is dumped on the back of every American child unwillingly,” said Kerry, who voted against the borrowing increase.
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Republican senators did not join in the debate, underscoring how politically uncomfortable the measure is for them. That discomfort was highlighted when they refused to bring the bill to a vote before the elections.