Posted tagged ‘revenue’

Happy Debt Day!

April 26, 2009

Today is the day in the federal government’s current fiscal year when the spending exceeds revenue. In other words, today is the day the government begins living on credit for the rest of the fiscal year (about half of which still remains).

Last year’s Debt Day didn’t arrive until August 5th – 3 months later than this year. And next year?

A steep decline in revenue from a multitude of business losses, bankruptcies and individual taxpayer job losses combined with the most expensive federal budget ever submitted, means we’ll be lucky to get through the first three months of fiscal year 2010 before Debt Day arrives again.