We have reached the tipping point. With our nation perilously hanging on the very edge of financial ruin President Obama is endorsing a budget that dramatically increases government spending, adds an additional $2 trillion in tax increases over the next decade, and pushes our national debt to a sobering and almost incomprehensible $18.57 trillion in just the next ten years!
Even more troubling is the grim reality that our nation is being swallowed up by an ever-rising tide of interest — from $188 billion in interest in 2010, to an unsustainable $840 billion in 2020.
The newest numbers from the Treasury on the fiscal year 2010 federal budget deficit are staggering:
- A record $220.9 billion deficit in February alone.
- For every dollar in taxes and other revenues the federal government took in, the government SPENT $3.05.
- Five-month deficit total: $651.6 billion, more than 10% higher than last year’s record.
- The five-month total is larger than any YEAR in American history prior to 2009.
- The FY2010 budget deficit is now projected to be $1.56 trillion AFTER stealing from the Social Security Trust fund.
- The Congressional Budget Office projects that interest payments on the debt will total $916 BILLION annually by the end of the decade.
Without swift action, this reckless spending will almost certainly lead to radicalized government policy that includes hyper-inflation, hyper-taxation, and hyper-statism. If you are concerned about government spending, please consider signing the “Stop the Spending” petition by going HERE.