"SOTU: Bush’s Signature Foreign Assistance Program Is Nearly Bankrupt"
Bush said: “We hear the call to take on the challenges of hunger, poverty, and disease – and that is precisely what America is doing. … I ask that you fund the Millennium Challenge Account, so that American aid reaches the people who need it, in nations where democracy is on the rise and corruption is in retreat.”
FACT — MILLENNIUM CHALLENGE PROGRAM WILL SOON BE BANKRUPT: “President Bush’s signature foreign-assistance program is likely to run out of money this year, leaving in the lurch several poor countries that have labored to meet its strict eligibility standards, according to aid officials. Mr. Bush introduced the Millennium Challenge program in 2002 as a new approach to fix the perceived failures of overseas-development assistance.” [Wall Street Journal, 1/22/07]