“Their [the Republicans’] record is record deficits, record debt, record borrowing from abroad.” – Senator Kent Conrad, Chairman, Committee on the Budget, in the National Journal, 31 May 2008
“Fiscal responsibility and accountability are core Democratic values.” Speaker of the House Nancy Pelosi, 7 December 2007
- Record Debt Increase. After chastising the President and previous Republicancontrolled Congresses for increasing the debt, House and Senate Democrats this week plan to pass a budget conference report that would lead to the largest annual increase in the debt in U.S. history.
- Specifically, section 101(5) of S. Con. Res. 70, the fiscal year 2009 budget resolution, would cause the national debt to increase to $9.575 trillion by the end of the current fiscal year (on 30 September 2008), a $654-billion increase from the previous year.
- From there, the debt will only get worse. According to the Department of the Treasury, the government could reach the current debt limit of $9.815 trillion as early as the end of this calendar year.
Read the full report here.