For those keeping score at home, this fiscal year will be the fourth in a row that the deficit will exceed $1 trillion, so that, by the end of this year, the national debt will be more than $16 trillion.
By Chuck Souder
Friday, May 18, 2012 at 2:00 am (Updated: May 18, 2:01 am)
I have written before about the quickly approaching catastrophe that our country is facing with regard to the enormous (and rapidly increasing) debt our government continues to pile up.
To make sure we all understand the terms involved, the national debt is the total amount the government owes. The deficit refers the amount the government spends each year over and above the revenue that is generated (which is then added to the national debt).
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