n. WTSHTF: What a Trillion dollars looks like...

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Tuesday, April 26, 2011

What a Trillion dollars looks like...

-Former Fed Chairman Alan Greenspan said the U.S. could face a bond-market crisis if politicians don’t act soon to start cutting the nation’s debt.The Federal budget for 2011, which runs from October 2010 to September 2011, was finally passed in early April of 2011, six months late. The budget projected the 2011 deficit to be $1.645 trillion and is based on estimated revenues of $2.173 trillion with expenses of $3.818 trillion. The Federal Budget for 2012 is expected to be 3.7 trillion dollars with a deficit of 1.1 trillion dollars. The current national debt is 14.2 trillion dollars and will cross the 15 trillion dollar mark sometime this year. It is simply impossible for the United States to continue spending at this rate.

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