The month of April marks Debt Day for 2009; this is the day when the federal government spending surpasses revenue for that fiscal year. Debt Day gives us an excellent opportunity to look at the amount of spending in relation to the revenue brought in by the government each year.
Simply broken down, the government's budget is much like your own budget for your family. Your revenue is how much money your family brings in each year with your paycheck or retirement, for example. The amount of money your family spends each year is directly tied to how much money you have coming in and you spend it on items such as your groceries, car payment or mortgage.
The federal government's budget is much the same as your family's but the revenue is from taxes taken from the taxpayers and instead of groceries, a car payment and a mortgage, the government is responsible for spending on different government services and departments. Unlike you, the federal government does not seem capable of living within its means. The government can spend beyond its means through taking on more debt.
So from this past Sunday moving forward, our spending will not be covered by the tax revenue being brought in, but through taking on more debt. Last year, Debt Day fell much later in the year on August 5, 2008.
This year, Debt Day has broken all prior records by falling on April 26, 2009 and this is due largely to the $700 billion financial bailout; the $791 billion stimulus bill and the $410 billion omnibus bill, with almost 9,000 earmarks -- legislation Congress has passed since January.
I am greatly concerned because these bills have caused Congress to spend beyond its means and to take on historic levels of debt, which I fear will only be passed on to our children and grandchildren for years to come. Just like a typical American family must, it is time for government to live within its means and embrace fiscal responsibility.
If the issue of our national debt is of interest to you, I encourage you to visit my Web site at Austria.house.gov where you will find a running debt clock which constantly keeps track of our national debt. If you have any questions about Debt Day or any other federal matter, please feel free to contact me at my Springfield District Office (937) 325-0474, my Lancaster District Office at (740) 654-5149 or my Washington D.C. Office at (202) 225-4324.