Debt Day comes early this year. Unfortunately, it's nothing to celebrate.
The symbolic "holiday," which falls on Sunday, marks the point in the fiscal year when government spending exceeds revenue.
In other words, the government will stop making money and start borrowing on Sunday.
And it's coming earlier than ever, according to House Minority Leader John Boehner, who's pointing to Debt Day as yet another symptom of a government he says is spending too much, borrowing too much and taxing too much. Last year's Debt Day fell more than three months later, on Aug. 5.
"All the revenue for this fiscal year will be spent as of Sunday," Boehner, R-Ohio, said. With the fiscal year ending Sept. 30, he said, "everything that happens after Sunday through ... the balance of this fiscal year is going to have to be borrowed from our kids and grandkids."
Boehner penned a column, posted on his Web site, blaming the early Debt Day on an "arrogant culture of spending" and the Obama administration's "borrowing binge."
"In short, about halfway through Fiscal Year 2009, Washington has run out of money," he wrote. - FOX News Story
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