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Nearly 10 Years Ago Today, The U.S. Began Borrowing Billions To Pay For The Bush Tax Cuts

By Zaid Jilani on Jul 20, 2011 at 10:10 am

As debates about deficit reduction continued to be heavily tilted toward cutting spending, which threatens to undermine a fragile recovery, rather than raising revenue from those who can afford it, it’s important to remember the budgetary impact of the Bush tax cuts.

Nearly 10 years ago today, on August 1, 2001, the Associated Press reported that the Treasury Department was tapping $51 billion of credit in order to pay for the budgetary cost of the first round of Bush tax cuts’ rebate checks. The AP reported at the time that Democratic Party opponents of the tax cuts worried that they’d return government budgets to “red ink“:

The opponents of the tax cut turned out to be right. The 2001 and 2003 tax cuts combined have blown a $2.5 trillion hole in America’s budget and created deficits stretching on for years.

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What do they mean by "red ink"?

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Eh...I'm not gonna defend Bush.  But Obama has taken that debt and tripled it in less than 2 1/2 years.  So he's just as bad if not worse imo.

Also, I'm wondering if Zaid Jilani is the liberal progressive blogger for the Center for American Progress?  

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marc, let's not make this personal. play nice, before i send you to time out.

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Originally Posted by Dødherre Mørktre:
marc, let's not make this personal. play nice, before i send you to time out.

Yes daddy dod..... Practising for the future are we here? ;-P

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Originally Posted by Dødherre Mørktre:
marc, let's not make this personal. play nice, before i send you to time out.

Was it the part about "life sucking ass" or the reference to Tupac that sealed the deal???

Just tired of the broken record and the personal attacks coming from her. She even started a thread that did nothing but make derogatory comments about a certain group of people. Considering that I am an ****, I thought I went pretty mild in that post.

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Wow, did our mod just moderate and delete a post?  I don't think I've seen that happen before.

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Originally Posted by Bryant Platt:
Wow, did our mod just moderate and delete a post?  I don't think I've seen that happen before.

lol, wow, way to downplay!

i did, but it's no biggie. just try to steer clear from the personal stuff.

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Originally Posted by Dødherre Mørktre:

just try to steer clear from the personal stuff.

Yes daddy :-P

(just helping you practise....)

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I heard someone at Church last sunday make the statement that we havent really had a good president since Reagan.  And while that man wasnt perfect, I wholeheartedly agreed with him.  Yes, he raised taxes, but we learned it was because he got conned by Tip O'Neal.  The Speaker had promised to cut $3 for every dollar of tax raised.  So Reagan went along with it.  But The House didnt allow the spending cuts.

Reagan led us out of Jimmy Carter's crippling economy.  But since then, we really havent had a strong leader.

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Originally Posted by Dennis Young:
I heard someone at Church last sunday make the statement that we havent really had a good president since Reagan.  And while that man wasnt perfect, I wholeheartedly agreed with him.  Yes, he raised taxes, but we learned it was because he got conned by Tip O'Neal.  The Speaker had promised to cut $3 for every dollar of tax raised.  So Reagan went along with it.  But The House didnt allow the spending cuts.

Reagan led us out of Jimmy Carter's crippling economy.  But since then, we really havent had a strong leader.

What about the other ten times he didn't veto tax raises?

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Originally Posted by Dennis Young:
I heard someone at Church last sunday make the statement that we havent really had a good president since Reagan.

Well, how many "really good" presidents have ye had since say FDR? And what's your definition of a "good" president anyway?

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Originally Posted by Kieran Colfer:

Well, how many "really good" presidents have ye had since say FDR?  

maybe 2-3...maybe.

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Originally Posted by Kieran Colfer:

Originally Posted by Dennis Young:
I heard someone at Church last sunday make the statement that we havent really had a good president since Reagan.

Well, how many "really good" presidents have ye had since say FDR? And what's your definition of a "good" president anyway?

By the standard they're using I doubt they'd consider FDR a good president.

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Originally Posted by Bryant Platt:

Originally Posted by Kieran Colfer:

Originally Posted by Dennis Young:
I heard someone at Church last sunday make the statement that we havent really had a good president since Reagan.

Well, how many "really good" presidents have ye had since say FDR? And what's your definition of a "good" president anyway?

By the standard they're using I doubt they'd consider FDR a good president.

Just what standard should we use???