Yesterday the federal government spent all of the revenues it will receive this year. So from today onward, we are spending borrowed money. That’s 249 days of “credit card” living to go before we have any more money coming in.
While Debt Day has occurred anytime from July to September in the recent past, this year no one is surprised at its early arrival. After all, this is the year Congress passed at least one massive spending bill that not one of the Clowns had read. And we haven’t gotten to bills about socialized medicine or cap and trade yet. You can tell that Obama is really concerned at this point. He and Geithner only asked for $100,000,000,000 to fight global poverty this weekend.
Let’s hope the Chinese don’t make any funny demands about continuing to buy our debts because “the borrower is the slave of the lender.” (Proverbs 22:7)
Hat Tip to John Hinderaker at Power Line Blog.
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