From the Boston Globe:
Bailout to swell debt, hit taxpayers
Analysts say hikes almost inevitable
The shape and scope of the Wall Street bailout is finally clear, but a big question remains: How will we pay for it? Propping up the US financial system will require the federal government to borrow hundreds of billions of dollars, adding to a ballooning deficit that will hamstring the next president and eventually require Americans to pay higher taxes, analysts said.
The deficit was already set to soar as tax collections plunge in the face of a likely recession. But the cost of bailing out financial firms, plus an economic stimulus package promised by congressional leaders, could send the national debt to levels not seen since the Reagan administration, analysts said. Economists forecast the deficit will top $700 billion in the current fiscal year, which began Oct. 1, up from about $450 billion the previous year.
....the rest is here: Bailout to swell debt, hit taxpayers | Analysts say hikes almost inevitable
Ok, on three everybody bend over and grab your ankles....and-a-one, and-a-two, and-a-.....
No comments:
Post a Comment