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September 25, 2008

How to spend $700 billion

After watching US. President George W. Bush speech yesterday I wonder how the 700 billion dollars would be spent.
He stated that this money will be needed to restore confidence in the market.  He also said, “”Without immediate action by Congress, America can slip into a major panic.”

Where is the $700 billion coming from?  From Taxpayers?   I really don’t know but this plan was meant to buy back illiquid mortgage-backed securities off the hands of losing financial companies and in-turn to stabilize and repair the nation’s financial economy.

According to www.zfacts.com

The US Gross National Debt is


According to Wikipedia, the US total debt has increased over $500 billion each year since FY 2003 and the The national debt equates to $30,400 per person U.S. population, or $60,100 per head of the U.S. working population,[42] as of February 2008.

Please lets continue to Pray for this country for GOD’s Grace.

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