Fiscal Cliff” in plain English for dummies
Lesson # 1:
U.S. Tax revenue: $2,170,000,000,000 (Trillion)
Fed Spending: $3,820,000,000,000 (Trillion)
New debt: $1,650,000,000,000 (Trillion)
National debt: $16,420,000,000,000 (Trillion)
Recent budget cuts: $38,500,000,000 (as in Billion)
Now, let's remove 8 zeros and pretend it's a household budget:
Annual family income: $21,700
Money the family spent: $38,200
New debt on the credit card: $16,500 Balance on the credit card: $164,200
Total budget cuts so far: $385.00
Got It ?
..... OK now . . . .
Lesson # 2: Here's another way to look at the Debt Ceiling:
Let's say, you come home from work and find there has been a sewer backup in your neighborhood and your home has sewage all the way up to the ceilings.
What do you think you should do .....
A) Raise the ceilings? . . . or . . .
B) Remove the sewage ?