PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: MKTBUZZ who started this subject	10/24/2003 1:04:37 PM
From: DuckTapeSunroof	of 769670

File this under 'be careful what you wish for': Yesterday, Erdmen called him on the carpet for statements made earlier this week: "Here we have the secretary of the Treasury of the United States, who is going to have to borrow a half-trillion dollars a year to cover the nation's deficit, plus a whole lot more to refinance the enormous debt that's outstanding, telling us he will b 'frustrated and concerned it long-term rates do no rise.' Did anyone tell him that if he gets his wish, the additional interest cost on new government borrowings would be staggering?" - Indeed. Citing the White House's own numbers, Dan Denning shows in a report we've prepared for our European readers, that a 1% rise in interest rates would add $8.7 billion in interest expenses for the remainder of the 2003 calendar year... $21 billion in 2004... $30.5 billion in 2005... $36.6 billion in 2006... $41.8 billion in 2007... and $47.2 billion in 2008... for a grand total of $154 billion in the next five years. That's just a one point rise in rates.

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