Last July, President Bush signed legislation that raised the debt ceiling to $10.615 trillion.
Today he signed the financial bailout legislation passed by the Senate last night that raises the debt ceiling to $11.315 trillion.
Under the Bush Administration, the gross national debt as a percentage of the gross domestic product has hit a 50-year high. The following chart illustrates the trend nicely.
Bush did three things to skyrocket the debt from $5.7 trillion to $10 trillion:
1. He lowered taxes on the rich (by far the biggest item).
2. He invaded Iraq and Afghan-Pakistan.
3. He did not regulate an out-of-control Wall Street.