Articles
April 26th Becomes New Debt Day
Washington,
April 23, 2009
BUDGET SHOCK: After April 26th, EVERY dollar the federal government spends will be borrowed money for the remainder of this fiscal year. Borrowed likely from the Chinese and elsewhere.
BUDGET SHOCK: After April 26th, EVERY dollar the federal government spends will be borrowed money for the remainder of this fiscal year. Borrowed likely from the Chinese and elsewhere. Last year that date was August 5th. This is wholly unacceptable budget madness and we are heaping this extraordinary debt onto our children and their children for decades to come. The interest payments alone are now the 3rd largest expense in our federal budget and will soon be the largest.
Click here for charts on detailing the full impact of the Democrat leaderships’ budget. Congress must return to policies that encourage fiscal responsibility. That means making every effort to balance the federal budget, reining in wasteful spending and promoting accountability and transparency at every level. It also means reforming our nation’s complicated tax code to ensure fairness and more simplicity. Lawmakers should pay close attention to this new Debt Day, which represents the enormous debt our nation is about to take on and our economic dependence on communist China. |
