George Phillies for President 2008

FOR IMMEDIATE RELEASE  

Monday, October 08, 2007 

Phillies: $9 Trillion National Debt is a “Grandchild Tax” 

“We spend the money; our grandchildren will pay the bills for our legacy of overspending and irresponsibility,” said leading Libertarian Presidential candidate, George Phillies, in a statement released on his campaign website. “On George W. Bush’s watch, the national debt has exploded, soaring out of sight from the $5.7 trillion debt Bill Clinton left to him.” As of October 4, 2007, the national debt has reached an unprecedented $9,050,048,079,280.70, an increase of

approximately $3.3 trillion, or over one third, in the last seven years.   In 2008, the third largest budget item after

entitlement programs including Medicare and Social security (est. $1.8 trillion) and defense (est. $606 billion) is interest

on the national debt which comes to over $400 billion dollars annually.

“To end the grandchild tax, we must balance the budget, end corporate welfare, and massively cut federal spending in

all areas,,” added Dr Phillies. “Paying the yearly interest and continuing to run deficits is the road to ruin. President

Bush’s goal of merely cutting the [$521 billion 2004] deficit in half is a joke, not a serious proposal. 

“We need to end the deficit completely and return to operating with a surplus so we can pay down the debt.To do

that, Americans must throw out of office the wastrel spendthrifts of the Republican Party and their Democratic Party

allies.”

Background information: http://www.treasurydirect.gov/NP/BPDLogin?application=nphttp://www.washingtonpost.com/wp-

srv/politics/interactives/budget08/category.html  http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm  To support the

George Phillies campaign, please visit http://phillies2008.org/donation today.

Contact Information:  

 Carolyn Marbry, Press Director                                                                                  pressdirector@phillies2008.org

(510) 276-3216

George Phillies for President 2008                                  http://phillies2008.org