The evidence that our federal government’s spending is out of control continues to pile up.
What is the latest proof of that fact?
The current U.S. budget — which covers spending for the fiscal year that will end next Sept. 30 — is heading toward a record deficit of $1.5 trillion — meaning we will be spending that much more than our too-high taxes will bring in!
That’s a figure we can hardly comprehend. The red ink — not the total government spending, but just the excess above expected tax collections — will be equal to 9.8 percent of our nation’s gross domestic product. GDP is everything that our vast country and its hundreds of millions of people produce in a year!
The Congressional Budget Office this week estimated that we will have to borrow roughly 40 cents for every dollar the federal government spends this fiscal year!