Borg Posted April 25, 2009 Report Posted April 25, 2009 Pretty early in the year for this to happen - I hope China has some more cash on hand for them. A full three months earlier than last year. Sooner or later this is going to hurt them big time. And then it will come to us - when the U.S. of A. sneezes Canada gets the flu. That tax payer well is going to run dry. Borg --------------------------------------------------------------------------------------- Happy Debt Day: Government to 'Run Out' of Cash Sunday, Earliest Ever Fox News / Politics | 04/24/2009 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. Quote
bjre Posted April 26, 2009 Report Posted April 26, 2009 US is so civilized that they can invent so many laws to define so many of their people as criminals and ask tax payer to pay for the legal system include court, jail, lawyers. This does not makes US a safe place. Gun shootings happens not less than other countries. US is also so civilized that they are able to invent so many terminologies to label other countries and how to deal with them by threat, blackmail, IMF, WTO, and war, previous US government were more civilized than Bush gov that they can ask other countries to pay for the wars. Bush gov is only able to ask US tax payers to pay for the war. However, it is more than US itself can afford, so, the current economic crisis comes to ask the world to pay for it again. That is all meaning of civilization. The robbery in name of justice, the war in name of peace keeping. Canada want to learn it? Is Canada able to make other country to pay for its jails? Quote "The more laws, the less freedom" -- bjre "There are so many laws that nearly everybody breaks some, even when you just stay at home do nothing, the only question left is how thugs can use laws to attack you" -- bjre "If people let government decide what foods they eat and what medicines they take, their bodies will soon be in as sorry a state as are the souls of those who live under tyranny." -- Thomas Jefferson
sharkman Posted April 26, 2009 Report Posted April 26, 2009 I don't know if you heard, but the state of California reported earlier in the year that they would be unable to pay tax refunds and would be issuing IOU's. Things are not good south of the border. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.