Bush Borrowed More Than All Previous Presidents Combined, Group Says

November 10, 2005

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By Melanie Hunter

CNSNews.com Senior Editor

November 04, 2005

(CNSNews.com) - President Bush and the current administration have

borrowed more money from foreign governments and banks than the

previous 42 presidents combined, a group of conservative to moderate

Democrats said Friday.

Blue Dog Coalition, which describes itself as a group " focused on

fiscal responsibility, " called the administration's borrowing

practices " astounding. "

According to the Treasury Department, from 1776-2000, the first 224

years of U.S. history, 42 U.S. presidents borrowed a combined $1.01

trillion from foreign governments and financial institutions, but in

the past four years alone, the Bush administration borrowed $1.05

trillion.

" The seriousness of this rapid and increasing financial vulnerability

of our country can hardly be overstated, " said Rep. John Tanner

(D-Tenn.), a leader of the Blue Dog Coalition and member of the House

Ways and Means Committee.

" The financial mismanagement of our country by the Bush Administration

should be of concern to all Americans, regardless of political

persuasion, " said Tanner in a press release.

Earlier this year, the Blue Dog Coalition unveiled a 12-step plan to

" cure " the nation's " addiction to deficit spending. " It included

requiring all federal agencies to pass clean audits, a balanced

budget, and the establishment of a rainy day fund for use in

emergencies specifically a natural disaster.

" No American political leadership has ever willfully and deliberately

mortgaged our country to foreign interests in the manner we have

witnessed over the past four years, " said Tanner. " If this

recklessness is not stopped, I truly believe our economic freedom as

American citizens is in great jeopardy. "

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