Bush's money tree sprouts another $1 trillion

Published December 6, 2004 10:50PM (EST)

From the Dept. of This Just In:

"WASHINGTON (Reuters) -- The White House said on Monday for the first time that President Bush's plan to add personal retirement accounts to Social Security would be financed in part by new government borrowing that could top $1 trillion.

"Bush's economic advisers have been analyzing financing options for more than a year. But the White House, until now, had declined to say that borrowing would be used to cover the transition costs. Experts say Bush has few other options because of record federal budget deficits. The president has ruled out tax increases."

It's moments like these that leave us with only one simple question.

As Reuters also notes, "the federal budget deficit hit a record of $412 billion in the 2004 fiscal year that ended Sept. 30, and the Congressional Budget Office has projected $2.3 trillion in accumulated deficits over the next decade."

So really, what's the big deal about tacking on another trillion or so?

By Mark Follman

Mark Follman is Salon's deputy news editor. Read his other articles here.

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