There can be a debate about whether we have a revenue problem or a spending problem but, this is the reality in which we are now facing.
- U.S. Tax revenue: $2,170,000,000,000
- Fed budget: $3,820,000,000,000
- New debt: $1,650,000,000,000
- National debt: $14,271,000,000,000
- Recent budget cut: $38,500,000,000
Now, remove 8 zeros and pretend it’s a household budget.
- Annual family income: $21,700
- Money the family spent: $38,200
- New debt on the credit card: $16,500
- Outstanding balance on credit card: $142,710
- Total budget cuts: $385