-Caveat Lector- Print this article | Close this window Bush gambles $518bn on red By Simon English in New York February 5 2003 http://www.smh.com.au/articles/2003/02/04/1044318608506.html President George Bush on Monday bet his reputation for economic competence on a massive increase in military spending and a return to a level of government debt not seen since his father led the US in the early 1990s.
His proposed budget for 2004 includes a rise in Pentagon spending of $US15 billion ($26 billion) next year and $US20 billion in each of the following five years, taking military costs to $US484 billion by 2009. The budget would see America spend 13.5 per cent of its wealth on the military - more than all the next 20 richest countries. A $US304 billion budget deficit is projected for this year, a record in dollar terms that tops the $US290 billion set in 1992. But the deficit amounts to only 3 per cent of the economy and is regarded by most experts as manageable for the next few years. "A recession and a war we did not choose have led to the return of deficits," Mr Bush said. "Compared with the overall federal budget and the $US10.5 trillion national economy, our budget gap is small by historical standards." The figures do not include the costs of the war with Iraq, put at up to $US150 billion and which could force a revision of spending plans. Two years ago, the US Government was predicting a 10-year budget surplus of $US5.6 trillion, an indication of how rapidly the economy has deteriorated. Democrats will oppose the budget, which they say includes reckless tax cuts that will not stimulate the economy or provide jobs. Senator Kent Conrad, a member of the Senate Budget Committee, said: "He's passing the buck to our children. It's stunning how much debt he's going to add." The budget forecasts economic growth of 2.9 per cent for this year and 3.6 per cent in 2004, figures that assume a sharp rebound from current difficulties. Mr Bush also wants to boost NASA funding by $US500 million to $US15.5 billion, figures he decided before the Columbia space shuttle disaster. He also wants $US1.3 billion in 2004 for the new Millennium Challenge Account, an aid program set up to reward developing countries which meet criteria on eliminating corruption, respect for human rights and opening markets. The Telegraph, London; agencies This story was found at: http://www.smh.com.au/articles/2003/02/04/1044318608506.html Forwarded for your information. The text and intent of the article have to stand on their own merits. ~~~~~~~~~~~~~~~~~~~~ In accordance with Title 17 U.S.C. section 107, this material is distributed without charge or profit to those who have expressed a prior interest in receiving this type of information for non-profit research and educational purposes only. ~~~~~~~~~~~~~~~~~~~~ "Do not believe in anything simply because you have heard it. Do not believe simply because it has been handed down for many genera- tions. Do not believe in anything simply because it is spoken and rumoured by many. Do not believe in anything simply because it is written in Holy Scriptures. Do not believe in anything merely on the authority of teachers, elders or wise men. Believe only after careful observation and analysis, when you find that it agrees with reason and is conducive to the good and benefit of one and all. Then accept it and live up to it." The Buddha on Belief, from the Kalama Sut <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="http://peach.ease.lsoft.com/archives/ctrl.html";>Archives of [EMAIL PROTECTED]</A> http:[EMAIL PROTECTED]/ <A HREF="http:[EMAIL PROTECTED]/";>ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
