Consider the following math...
U.S. income: $2,170,000,000,000
New debt: $1,650,000,000,000
Federal budget: $3,820,000,000,000
National debt: $14,271,000,000,000
Budget cut: $2,100,000,000,000 (CBO estimated)/ Annualized over 10 years (210,000,000,000)
It helps to think about these numbers in terms that we can relate to.
Let’s remove eight zeros from these numbers and pretend this is the household budget for the fictitious Smith family:
Total annual income for the Smith family: $21,700
Amount of money the Smith family spent: $38,200
Amount of new debt added to the credit card: $16,500
Outstanding balance on the credit card: $142,710
Amount cut from the budget: $210
So in effect last month Congress, or in this example the Smith family, sat down at the kitchen table and agreed to cut $210 from its annual budget.
What family would cut $210 of spending in order to solve $16,500 in deficit spending?
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