$900 Billion In Gov't Borrowing Seen Through March

[Purveyor]

Source: Associated Press

(11-03) 15:23 PST WASHINGTON (AP) --

The government, raising cash to pay for the array of financial rescue packages, said Monday it plans to borrow $550 billion in the last three months of this year — and that's just a down payment.

Treasury Department officials also projected the government would need to borrow $368 billion more in the first three months of 2009, meaning the next president will confront an ocean of red ink.

The nonpartisan Committee for a Responsible Budget estimates all the government economic and rescue initiatives, starting with the $168 billion in stimulus checks issued earlier this year, total even more — an eye-popping $2.6 trillion.

One day before voters set out to elect the 44th president, new economic reports brought more bad news.

The widely watched Institute of Supply Management gauge of manufacturing activity plunged in October to its lowest level since the country's last deep recession, the 1981-82 downturn.

And automakers turned in terrible October sales figures. Sales sank 45 percent at General Motors Corp., 30 percent at Ford Motor Co., 25 percent at Honda Motor Co. and 23 percent at Toyota Motor Corp.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2008/11/03/national/a152340S37.DTL

[bemildred]

1. "Borrow" == "Print" in this case.

It's all coming out of the Feds and the Treasury Department's ass at this point. Were they supposed to be such close buddies anyway? Wasn't the whole idea in creating the Fed to not have government meddling in private enterprise and the money supply all that free enterprise spirit?

[kmdemqueen]

2. That was real stupid Idea

This whole Bail out thing is a mess. Hay 200 post before election. I made it.

[MichiganVote]

3. Jesus...they are taking it all from us aren't they.