goshank Wrote:
Nov 07, 2012 6:42 PM
Conservatives should read Paul O'Neill's book 'Price of Loyalty,' George W. Bush's first Secretary of the Treasury. From, http://thepriceofloyalty.ronsuskind.com/thebushfiles/archives/cat_from_the_book.html Page 261 - Inside the Debt Crisis of 2002 (11 pages) In the summer of 2002, below-forecast tax receipts forced the Bush administration to ask Congress to raise the federal government's debt ceiling. Only a year earlier, the government had been in surplus, but tax cuts, war, and a slowing economy had turned the surplus into deficit. O'Neill warned that consequences of failing to raise the debt ceiling "are too serious to contemplate."