Bush Exit Strategy, Spend $3.1 Trillion, Let Rebates Boost China
The spending proposal, which shows the government spending $3 trillion in a 12-month period for the first time in history, squeezes most of government outside of national security, and also seeks $196 billion in savings over the next five years in the government’s giant health care programs _ Medicare for the elderly and Medicaid for the poor.
This is a whole lot too late.
“Today’s budget bears all the hallmarks of the Bush legacy _ it leads to more deficits, more debt, more tax cuts, more cutbacks in critical services,” said House Budget Committee Chairman John Spratt, D-S.C.
For his last budget, Bush, as a moneysaving measure, stopped the practice of providing 3,000 paper copies of the budget to members of Congress and the media, instead posting the entire document online at http:/
“The president proposes more of the same failed policies he has embraced throughout his time in office _ more deficit-financed war spending, more deficit-financed tax cuts tilted to benefit the wealthiest and more borrowing from foreign nations like China and Japan,” said Senate Budget Committee Chairman Kent Conrad, D-N.D.
Even some Republicans faulted Bush’s budget sleight of hand.
“They’ve obviously played an inordinate number of games to try to make it look better,” Sen. Judd Gregg, the top Republican on the Budget Committee, said in an interview with The Associated Press.
“Let’s face it. This budget is done with the understanding that nobody’s going to be taking a long, hard look at it,” said Gregg, R-N.H.
Super Tuesday forces delay of stimulus vote
- NEW: Majority leader says he’ll delay action until presidential candidates can vote
- NEW: Sens. Clinton, McCain, Obama facing crucial Super Tuesday test February 5
- Senate Finance Committee passed version of economic package Wednesday
- Measure has significant differences from House version
This is a game for Mr. Bush. He’s a kid handing a lighted firecracker to the country as he exits ’stage left’.
Many Americans believe any rebates from tax stimulus will benefit Beijing more than Baltimore and Bakersfield. Here’s what some experts say.
Some critics are convinced that any tax rebate checks from Congress will go straight to China if Americans take the extra money and splurge at the mall.
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