FY2014 Off to Red Start
More than $1 trillion in new debt in 6 weeks.
According to CNSNews, “Between Oct. 1, 2013, the first day of fiscal 2014, and Nov. 14 – which was less than a month after Congress agreed to temporarily suspend the legal limit on the federal debt – the Treasury was forced to issue more than $1 trillion in new debt. … The lion’s share went to payoff maturing securities the Treasury had sold before and had now come due.” The ratio is disturbing: $1,014,215,000,000 in new debt compared with just $255,080,000,000 in tax revenue – but Obama believes that simply asking the “wealthy” to pay their “fair share” is the solution to closing this monumental gap. It’s an unconscionable proposal for our elected officials to fathom, but how ‘bout cutting excessive government spending instead.