Sunday, December 9, 2012

The Feds go another $4.8 billion in the hole each and every day

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. 
This means that the government borrowed $4.8 billion for each calendar day so far in 2013. If the Treasury Department restricted its borrowing to only weekdays, its per day average would jump to $6.5 billion per day thus far in fiscal year 2013.
Read the rest HERE.

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1 comment:

CRUZ COUNTRY said...

As former British Prime Minister Margaret Thatcher famously said, "The problem with socialism is that eventually you run out of other people's money [to spend]."