Nearly 10 Years Ago Today, The U.S. Began Borrowing Billions To Pay For The Bush Tax CutsQuicklink submitted by Amanda Lang Permalink
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|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": AND IT DID. GOP continues to demand "deficit-funded" tax breaks for America's wealthiest families and corporations based on a proven failed ideology of 'trickle-down' economics as a job creator. After 10 years, 'real' unemployment stands at 16%.|
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