Click Here For Federal Budget Spending and the National Debt
Federal Budget Spending and the National Debt: "Last year (FY03) the U. S. Government spent $318 Billion of your money on interest payments* to the holders of the National Debt. Compare that to NASA at $15 Billion, Education at $61 Billion, and Department of Transportation at $56 Billion. So far in FY04 the interest on the National Debt has already cost us $322 Billion, more than the war on terrorism and twenty times what NASA spends in the whole year!
The deficit for FY03 was a lot less than expected. Tax revenues were up. President Bush got a tax rate cut and the revenue went up. So it wasn't a tax cut, it was a tax rate cut! and it worked perfectly. Now if we can just get Congress to cut spending....
Your money is spent throught Appropriations Bills passed by Congress and signed by the President. This chart is based on the Appropriations Bills. The Government does not have any money, it takes your money from you and spends that! Press Release on Tax Code and the IRS.
--- "Deficit" vs. "National Debt" ---
Suppose you want to spend more money this month than your income. This situation is called a "budget deficit". So you borrow. The amount you borrowed (and now owe) is called your debt. You have to pay interest on your debt. If next month you don't have enough money to cover your spending (another deficit), you must borrow some more, and you'll still have to pay the interest on the loan. If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan is bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don't have any money left over for anything else. This situation is known as bankruptcy.
Each year since 1969, Congress has spent more money than its income. The Treasury Department has to borrow money to meet Congress's appropriations. The total borrowed is more than $7,000,000,000,000 and growing. Even when government officials claim to have a surplus, they still spend more than they get in. We pay interest on that huge debt."
"
The deficit for FY03 was a lot less than expected. Tax revenues were up. President Bush got a tax rate cut and the revenue went up. So it wasn't a tax cut, it was a tax rate cut! and it worked perfectly. Now if we can just get Congress to cut spending....
Your money is spent throught Appropriations Bills passed by Congress and signed by the President. This chart is based on the Appropriations Bills. The Government does not have any money, it takes your money from you and spends that! Press Release on Tax Code and the IRS.
--- "Deficit" vs. "National Debt" ---
Suppose you want to spend more money this month than your income. This situation is called a "budget deficit". So you borrow. The amount you borrowed (and now owe) is called your debt. You have to pay interest on your debt. If next month you don't have enough money to cover your spending (another deficit), you must borrow some more, and you'll still have to pay the interest on the loan. If you have a deficit every month, you keep borrowing and your debt grows. Soon the interest payment on your loan is bigger than any other item in your budget. Eventually, all you can do is pay the interest payment, and you don't have any money left over for anything else. This situation is known as bankruptcy.
Each year since 1969, Congress has spent more money than its income. The Treasury Department has to borrow money to meet Congress's appropriations. The total borrowed is more than $7,000,000,000,000 and growing. Even when government officials claim to have a surplus, they still spend more than they get in. We pay interest on that huge debt."
"
posted by Robert at 6:29 PM
0 Comments:
Post a Comment
<< Home