Sunday was “Debt Day,” the day the US government spent all its tax revenues. For the rest of the fiscal year, all money spent by the government is borrowed money.
For perspective, last year, Debt Day fell on August 5. It was September 9 the year before that.
The fiscal year ends September 30.
Imagine if you already spent all of your salary and, for the next five months, you had to put all of your spending – living expenses and everything – on a credit card or take out a loan to pay for it.
Sounds like a bad idea, doesn’t it?
