In 2002 United States President George W. Bush established the Millennium Challenge Corporation (MCC) as a “common sense” compact for global development to link the “greater contributions from developed nations to greater responsibility from developing nations.” President Bush also pledged new resources to fight global poverty via the MCC administered Millennium Challenge Account (MCA). New funds would be added starting in 2004 leading to a $5 billion annual increase above current foreign assistance levels by 2006.