From credit bubble bulletin, February 19 – Washington Post (Jonathan Weisman): “President Bush will sign legislation this week setting a 2003 budget that raises federal spending by 7.8 percent over last year, capping a remarkable two years in which the federal budget increased by 22 percent. Although Bush has made controlling spending a recurring theme in recent months, the $791.5 billion spending bill for 2003 that he plans to approve by Thursday night will be one for the record books. The 2003 rate of discretionary spending increases -- the part of the budget subject to Congress’s annual oversight - will be the second-fastest since 1985. It is topped only by the 2002 increase… The government has not experienced a two-year leap in spending of this magnitude since expenditures jumped 24.5 percent between 1976 and 1978. ‘We have a long way to go to, quote, rein things in,’ said G. William Hagland, budget adviser to Senate Majority Leader Bill Frist.”

Stop spending my money please.