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Vernon Beatty
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U.S. Tax Revenue:    $2,170,000,000,000
Fed Budget:              $3,820,000,000,000
New Debt:                 $1,650,000,000,000
National Debt:            $14,271,000,000,000
Recent Budget Cuts:  $38,500,000,000

Let's now remove the zeros and pretend it's a household budget:

Annual income:                                   $21,700
Family outlays:                                   $38,200
New Credit Card Debt:                       $16,500
Outstanding balance on credit card:    $142,710
Spending cuts:                                          $38.50

"Just because I imagined it doesn't make it any less true."
Homer Simpson

We hit the debt ceiling 4 days into the year.  This is the kind of planning that occurs when politicians believe they will be bailed out by leveraging more debt.

2012 Last Minute Tax Deal for 2013 to Avoid "Cliff" rates:
Under New Law                                                          Diff from 2012 to 2013
Income ($)                    Avg Tax Rate         $ Increase              % Increase
10-20K                         6.4%                         $123                       14.7%
20-30K                         1.3%                         $279                       446%
30-40K                         4.0%                         $69                          5.1%
150K                             22%                         $1,784                     6.5%
350K                             25.6%                      $2,699                     3.9%
$1M                              38.5%                      $170,341                15.5%

Wall Street Journal
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