A U.S. IOU?

• Author: Stevenson, Richard W.
• Position: National - Debt in federal budget - Brief Article

According to President Bush's new $2.13 trillion budget proposal, the U.S. doesn't have enough money to pay for everything it needs. So he'll charge it.

One of Bush's priorities is bolstering national security amid the war on terrorism. Bush favors adding $38 billion to the military budget, with $18 billion more on domestic security initiatives. He'd cut spending in other programs, but he also wants billions of dollars in tax cuts to stimulate the economy.

Congress will debate the proposal for the next several months. If adopted, the government would run a $106 billion deficit--spending more than it receives in taxes--the first deficit since 1997. That would add to...