Wednesday, December 12

US Government Borrowing $4.8 billion Per Day

As some conservative blogs have been pointing out, what is not sustainable cannot continue forever.
( – The federal government ran a deficit of $292 billion for the first two months of fiscal year 2013 – October and November 2012 – amounting to $4.8 billion of borrowed money each day. “The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year,” CBO said in its Monthly Budget Review Friday. -

That comes out the the US borrowing $160 a day per American (at 300 million Americans) or $640 a day for a family of 4 including weekends. so for each week, the Government is borrowing $4,480. At this rate, the US Government will borrow over $58,000 per American in 2013 which totals over $230,000 for a family of four. Keep in mind, this is not what they plan on spending per American, that total is much great. This is only what they have to borrow because tax revenue is not enough to pay for all their spending. 

Just one more example of why this is s spending problem not a revenue problem. After all, how can you possibly keep up this level of spending when the Government is spending more per person that 98% of the population earns
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