How does this money thing work?

In the aftermath of hurricane Katrina, our President said that he would not raise taxes to pay for the recovery. That recovery is $62 billion so far in federal funds and is expected to reach as high as $200 billion. Now we have another massive hurricane, Rita, about to slam into Texas. Certainly that too will involve signficant federal dollars for recovery. But the President says he's not going to raise taxes, even on the wealthy, or more correctly end the tax cuts he handed out in his first term. So are we going to make large spending cuts instead? Maybe we'll leave Iraq? Not that I'm advocating doing that today, but that would probably pay for the hurricane recovery without increasing the deficit by much. How about the many billions extra to be spent on Medicare in the coming years because of the perscription drug plan? We could get rid of the plan. We have a Medicare system that was already projected to be broke well before Social Security goes bust, yet all Bush has done is add another gigantic expense to it. Any cuts to it would of course be fiercely opposed by the increasingly huge retired population. So don't count on that ever happening.

Right now, even though we're running record federal deficits, it seems the only way Bush plans to pay for hurricane recovery is through even more deficit spending. High deficits lead to a debt that increases faster than the GDP. In general that means that interest payments on the debt become a larger and larger share of federal spending. In the end, what Bush is really saying is that our children will get to pay for all this shit. At least ExxonMobil got another tax break though!