Federal Deficit

The news came out yesterday that (suprise!) the federal government has spent a lot more money that it has. Now, just to keep things in perspective, this is not the largest deficit that we have run when you look at the 1980's and 1990's and compare it to the overall size of the US economy. But it is a troubling trend especially when you realize that that US consumer has spent more than they have made and if you squeeze them for more taxes...you may not find any more money. So who will pay off the $1.5 Billion that we have to borrow everyday from China and other nations just to finance our consumer and governmental spending?

It's going to take major reform and sacrifice from all generations of consumers AND federal, state and local governments. But no one really likes to be told that "the party is over", so unless the Holy Spirit intervenes...the crap will only go higher on our boots...which will make it much harder to pull them out...and dang near impossible to ever get them clean.

Read the full article here; http://www.foxbusiness.com/story/markets/economy/cbo-federal-budget-deficit-climb-b-october/