Blog Post - Home 4/21/2009
Mark Your Calendars: Debt Day Is April 26
Imagine if on this coming Sunday your money ran out. Every penny. And suppose you began using your credit card for everything – food, water, utilities, cable, everything. And now suppose further that at the end of the year you didn't have to pay your bill but could just pass it off to your neighbors.
Doesn't sound too bad, does it? Well that's Washington for you.
This Sunday is Debt Day, the day on which government spending officially exceeds revenue for the year.
After April 26, every single thing the federal government does will be on credit. Only it won't be the politicians who pick up the tab; it will be us taxpayers, and our children and grandchildren.
Last year's Debt Day fell on August 5 which is bad enough. But this year – after the trillion-dollar spending bill, the $410 billion omnibus, the thousands of earmarks, the additional $350 billion in bailout dollars, and the jobs-killing $3.6 trillion budget – Debt Day comes before the President's "First 100 Days" is even up.
America will spend 249 days (more than 8 months) in debt this year. Republicans have a way out – a better solution called the Path to American Prosperity – that curbs spending and gets control of the national debt. Now we just need to get Democrat-run Washington to pay attention.
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