You read that right. We’re starting on this one already.
The federal government ran a deficit of $292 billion for the first two months of fiscal year 2013 – October and November 2012 – amounting to $4.8 billion of borrowed money each day.
Borrowing 4.8 billion dollars a day. That’s not an economy. That’s not even Madoff. That’s an economic car crash in slow motion.
The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year,” CBO said in its Monthly Budget Review Friday.
CBO reported that federal revenues rose by $30 billion – a 10 percent increase over last year, but spending increased more, going up by $87 billion or 16 percent.
There’s your “taxing the rich” problem. Spending increases out of proportion to revenues. No matter how much revenues increase, spending will increase even more.
Spending is up. Hope is down. Change is in the toilet. But there’s still plenty of money out there. We’re lending 105 million to Brazil to build an aquarium. Would be doing that if money were tight?
The U.S. Export-Import Bank, an agency of the federal government, is lending $105 million to the Brazilian state of Ceara to help build an aquarium in its capital city of Fortaleza.
“An anticipated tourist attraction, the aquarium will boast four floors housing 25 large tanks containing approximately 15 million liters of water and showcasing 500 marine species and 35,000 individual specimens,” the Export-Import Bank said in a press release. “The aquarium will also feature interactive exhibits, two 4D cinemas, one 3D cinema, and an educational platform dedicated to the research and preservation of aquatic life along the Brazilian coastal regions.”
And if you want to see what the Infinite Taxpayer Money Tree built, all you have to do is visit Brazil.
In May, Obama signed legislation to reauthorize the Export-Import Bank through fiscal 2014, increasing its financing authority from $100 billion to $140 billion.
Say Billy, where do trillion dollar deficits come from?