Obama maxes out nation's credit cards

From CNSNews.com:

According to the Obama administration's mid-session budget update, the federal government will have to borrow nearly 40 percent of its total expenditures in 2010.

The report, "Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2010," shows that 39.9 percent of all federal income will be borrowed, making borrowing the single largest share of revenue in 2010. The next largest component of federal revenue is the personal income tax, which accounts for only 27.3 percent of federal funds.

The revised budget estimates mean that the government will be borrowing the second largest share of federal spending since World War II, when the federal government borrowed 62 percent of the budget in 1943, at the war’s apex. Borrowing, however, dropped off quickly after the war, falling to 28 percent in 1946 – with the government running at a surplus by 1947.

Read the full story at the link below:

CNSNews.com - Federal Government Will Borrow 40 Percent of the Money It Spends Next Year, Says White House Report

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