October 1st marked the beginning of a new fiscal year for the federal government. The fiscal year is the 12 month period in which the bookkeepers for government track revenues and spending against a budget proposed by the President and adjusted and approved by Congress for this one year period. The deficit of the last year as of The Treasury Dept's. 3rd quarter reporting figures was 249 Billion 800 million or a 1/4 trillion dollars. The amount for the end of the last fiscal year is estimated to be 330 Billion dollars. But it is not domestic spending increases that caused this deficit. According to the Congressional Budget Office as reported by the CBBP (Center on Budget and Policy Priorities):
Continue reading In Debt To Your Eyeballs.
