The U.S. Government in February 2011 posted the largest monthly deficit ever: 223 Billion dollars. That's in 28 days!
For additional perspective, consider that last year the U.S. Government paid (or maybe racked up would be a better way to state it) 207 Billion dollars on the National Debt. What will happen this year, with a significantly larger debt, and with interest rates set to rise from currently historic lows?
Compare February 2011's deficit ($223 Billion) to the entire 2007 Fiscal Year: $161 Billion.
Now, look at Congress, debating and going nowhere about the current fiscal year's budget (the previous House of Representatives proposed or voted on a budget before the most recent election so we're working off of a series of continuing resolutions). As things stand, the House of Representatives (controlled by the Republicans) propose roughly $60 Billion in cuts. The Senate (controlled by the Democrats) propose about $5 Billion in cuts, claiming the Republican cuts are too extreme. WHAT?
The 'proposed cuts' of the House Republicans (if implemented) would cover only about 25% of the February 2011 Deficit. The 'proposed cuts' of the Senate Democrats would equal about 2.2% of the February 2011 Deficit.
Is there a disconnect here? Isn't there a 'Run-away Spending Train' not only racing toward a cliff, but picking speed along the way? The whole time the 'political engineers' in charge are bickering about what minuscule fraction of resistance should be placed on the brakes.
|The Gross National Debt|
Note: When this blog article was posted, the debt totalled: $14,330,436,855,712