Bush Gives Americans I.O.U. for $700 Billion
September 25, 2008 by Matthew Mcgarnickle
US President George Bush proposed his administration’s $700 billion bailout proposal on national television tonight.
The plan calls for the government to borrow $700 billion from federal funds (taxpayer money) to buy troubled assets to stabilize the mortgage companies so they will lend again. During Bush’s public address he outlined his plan pay the taxpayers back.
“My fellow Americans, consider this to be an I.O.U. for $700 billion,” said Bush. “And don’t worry, I always repay my debts, have I ever let you down before?”
Representatives of the administration said the details are still unclear, but essentially every one in America will be receiving an ‘I.O.U.’ from President Bush in the coming weeks. Since there are over 300 million people in America, people should expect their I.O.U. to be for $2,200.
While many fear the second Great Depression is just around the corner, there are others who are embracing this plan. “I can’t wait to get my $2,200 I.O.U. in the mail,” said Bobby Joe Jenkins, 43 year old resident of Little Rock, Arkansas. “I’m going to take the I.O.U. straight to the bank and get me another loan!”
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