Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Bush Legacy of Debt May Stymie Successor

He will unveil record $3T budget as deficit soars

By Peter Fearon,  Newser Staff

Posted Feb 1, 2008 8:54 AM CST

(Newser) – The next president may inherit a US government so deeply in debt it could lose its Triple-A credit rating for the first time since Moody's Investors Service began grading securities 90 years ago, warns the Wall Street Journal. The White House is preparing to unveil a record $3 trillion budget request with a $400 billion deficit, which would saddle President Bush's successor with massive debt at a time when the nation will be struggling with soaring costs for Social Security, Medicare, and Medicaid.

"It will absolutely bedevil the next administration," said one lawmaker. Critics say Bush has both squandered surpluses and failed to steer Congress to take fiscally wise action to preserve social programs. When the President took office in 2001, the nonpartisan Congressional Budget Office projected $5.6 trillion in federal budget surpluses through 2011.

US President George W. Bush will present a $3 trillion budget next week.
US President George W. Bush will present a $3 trillion budget next week.   (Getty Images (by Event) Individuals)
The main legacy of President Bush may be a huge deficit that will severely constrain any successor. (AP Photo/Pablo Martinez Monsivais)
The main legacy of President Bush may be a huge deficit that will severely constrain any successor. (AP Photo/Pablo Martinez Monsivais)   (Associated Press)
Senate Budget Committee Chairman Sen. Kent Conrad, D-N.D., left, and Sen. John D. Rockefeller, IV, D-W.Va.,  take part in a hearing on an economic stimulus package. Conrad says huge deficits will bedevil future administrations.   (AP Photo/Dennis Cook)
Senate Budget Committee Chairman Sen. Kent Conrad, D-N.D., left, and Sen. John D. Rockefeller, IV, D-W.Va., take part in a hearing on an economic stimulus package. Conrad says huge deficits will bedevil...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Poll: Majority Want Action on Deficit Now

No One's Being Honest About the Budget

Boehner: We Will Cut Social Security, Medicare

Old People Rule America

Geithner to World: Relax, We're Raising Taxes


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne