National debt hits $9 trillion | KXNet.com North Dakota News
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National debt hits $9 trillionNov 7 2007 7:16PM
Associated Press Last month, Congress passed and President Bush signed into law an increase in the government's borrowing ceiling to more than 9.81 trillion dollars. It was the fifth debt limit increase since Bush took office. The administration contends the rising debt reflects such factors as slow economic growth during the 2001 recession, the 9/11 attacks and the cost of fighting terrorism. Democrats place much of the blame for the exploding debt on Bush's first-term tax cuts. % |
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