Posted on 12/08/2012 1:18:57 PM PST by yoe
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.
CBO reported that federal revenues rose by $30 billion – a 10 percent increase over last year, but spending increased more, going up by $87 billion or 16 percent.
Overall, the two-month deficit figure was $57 billion higher than the October-November 2012 deficit.
(Excerpt) Read more at cnsnews.com ...
What could possibly go wrong??
Yeah...they are going to crash the financial system...and remake money. Values will be determined by the Treasury Dept (Obama and friends)...some debts will be called off...and the rest of the world will switch from the US dollar as standard currency...they will move to a basket approach with the Chinese Yuan as the mainstay.
It will happen soon.
And if you own govt bonds you are lending it to them :-)
“A brazilian here and a brazilian there, and pretty soon you’re talking about real money.”
—Borrowed from a certain blonde joke.
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