Chris Dodd: “the Bush administration seeks for the fourth time in 5 years to increase the indebtedness of the United States--this…”

“the Bush administration seeks for the fourth time in 5 years to increase the indebtedness of the United States--this time by $781 billion. This body's consideration of that increase allows us a moment to take stock of the abysmal fiscal health of our country. As a Washington Post editorial pointed out yesterday morning, this President solemnly pledged upon taking office to payoff $2 trillion in debt held by the public over the next decade. It is patently obvious that President Bush has not just failed but failed spectacularly to deliver on his pledge. He has managed to amass more debt than any President in history, with no end in sight. By the end of this year, our gross Federal debt is expected to surpass $8.6 trillion, or nearly $28,000 for every man, woman, and child in America. This amount represents an increase of approximately $3 trillion since President Bush took office. This dramatic runup in the debt has real costs for America's families--both today and for future generations. It puts upward pressure on interest rates for things like student loans, home mortgages, and automobile loans. It raises the cost of capital for business investment. Each of these, in everything but name, represents a tax increase on American families and businesses. More directly, instead of investing in America's most important priorities--like education, health care, and homeland security--the taxpayers of today and tomorrow must spend more money paying off yesterday's debts.…”