Did you know that September 10 is Deficit Day? Today is the first day that for the rest of the calender year we will go into debt for every penny spent by the government. The revenues only cover enough expenditures to fund government from January 1 to September 10. James Harrigan and Antony Davies, writing for Real Clear Markets, have declared today Deficit Day:
What’s important about Deficit Day is the number of days that come after. Each subsequent day is another day in which the entire federal government is being paid for on credit. This year, the government will borrow, on average, $10 billion on each and every one of the 110 days from Deficit Day until the end of the year. That’s 110 days of government operations that will be sitting on America’s Credit Card come December 31st.
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