Nearly 10 Years Ago Today, {July 20, 2011}

The U.S. Began Borrowing Billions To Pay For The Bush Tax Cuts

Jul 20, 2011 - 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“: read more>>>