Skip to comments.Happy Debt Day: Government to 'Run Out' of Cash Sunday, Earliest Ever
Posted on 04/24/2009 1:29:50 PM PDT by EagleUSA
Debt Day comes early this year. Unfortunately, it's nothing to celebrate.
The symbolic "holiday," which falls on Sunday, marks the point in the fiscal year when government spending exceeds revenue.
In other words, the government will stop making money and start borrowing on Sunday.
And it's coming earlier than ever, according to House Minority Leader John Boehner, who's pointing to Debt Day as yet another symptom of a government he says is spending too much, borrowing too much and taxing too much. Last year's Debt Day fell more than three months later, on Aug. 5.
"All the revenue for this fiscal year will be spent as of Sunday," Boehner, R-Ohio, said. With the fiscal year ending Sept. 30, he said, "everything that happens after Sunday through ... the balance of this fiscal year is going to have to be borrowed from our kids and grandkids."
Boehner penned a column, posted on his Web site, blaming the early Debt Day on an "arrogant culture of spending" and the Obama administration's "borrowing binge."
"In short, about halfway through Fiscal Year 2009, Washington has run out of money," he wrote.
The staggering budget deficit, projected to hit as high as $1.8 trillion by the end of the year, is due to a combination of symptoms.
The Congressional Budget Office's monthly budget report for March, released early this month, showed the federal government has seen both a loss in revenue and a spike in spending. The report showed revenue fell by about $160 billion, or 14 percent, below its 2008 level for the first half of the fiscal year -- and spending rose to $1.9 trillion, about one-third over the 2008 level at that halfway point.
(Excerpt) Read more at foxnews.com ...
Posted 8 minutes ago.
Are you sure? “They” are about to loan GM 2 billion dollars.
I just wonder where this guy was when the Republicans were in the majority, spending like drunken sailors (apologies to sailors, who only spend their own money).
The Over/under is 4
But then as Boehner voted for the first “stimulus” fraud, he doesn’t have much business pointing this out, has he??!!
But then as Boehner voted for the first stimulus fraud, he doesnt have much business pointing this out, has he??!!
Possibly we can look at it, as an admission of gross misconduct on the part of he and others that voted for the TARP travesty.
Are you sure? They are about to loan GM 2 billion dollars.
I’d laugh if it wasn’t so true.
Yeah...and I just heard “Stimulus $$” can go to TEACHERS pay!!!
Yeah...and I just heard Stimulus $$ can go to TEACHERS pay!!!
And if that is not BUYING THE LIBERAL ACADEMIA VOTE, I don’t know what is....this administration is as crooked as the Snake River.