the US brings in roughly $2 trillion annually in tax revenues.
taking this article at face value, this mean in the last year... ALONE ... the US govt spent over $7 trillion
and this is with the GOP controlling the purse strings?!
doing a fantastic job up there guys ... /s
Are you forgetting that we only have the House? So knock it off with your sarcasm
“..taking this article at face value, this mean in the last year... ALONE ... the US govt spent over $7 trillion..”
I don’t think they actually “spent” that much.
If the US spent the $2T in annual revenues plus an additional $1.3T over and above the revenues, it means the US spent a total of $3.3T for the year.
At the same time, nation’s obligations went up another $3-plus trillion for the year, but that’s technically not spending, until it’s actually spent. It’s just that..an obligation to spend at some point in the future. Theoretically, the money we have obligated to spend should be set aside for when we have to actually spend it. That they didn’t do, and don’t seem to have the inclination to do in the foreseeable future that I know of.
Which means we will have to either default on our obligations or do something to dramatically reduce our obligations. And there’s the rub. That would require a fiscally conservative Congress with veto-proof majority and the political backbone to make some extremely tough choices and many of our fellow Americans would scream bloody murder (or worse).
What a fine mess we find ourselves in.