Govt. borrows 46 cents of every dollar it spends
The federal government borrowed 46 cents of every dollar it has spent so far in fiscal year 2013, which began Oct. 1, according to the latest data the Congressional Budget Office released Friday. >>>
Higher spending on mandatory items such as Social Security, Medicare and interest on the debt led the way in boosting spending compared with the previous year, which also highlights the trouble spots Congress and President Obama are struggling to grapple with. >>>
Fiscal year 2013 began on Oct. 1 and so far the government has spent $638 billion and taken in just $346 billion in revenue. >>>
The government is poised to post another $1 trillion deficit in fiscal year 2013, which would mark the fifth straight year. Before that, the record was $438 billion, which came in 2008, President George W. Bush’s last full year in office.
The govt. is borrowing 46 cents of every dollar it spends and is borrowing $4.8 Billion Per Day. America's November deficit is greater than Bush's entire deficit for fiscal year 2002 ($158 billion).
"Borrowing?" Wouldnt stealing be more accurate?