What is the "fiscal cliff"? Simply put, it's our Government spending money we don't have.
U.S. Tax Revenue - $2,170,000,000,000
Federal Budget - $3,820,000,000,000
New Debt - $1,650,000,000,000
National Debt - $16,900,000,000,000
Recent Budget Cuts - $38,500,000,000
These are really big numbers; they are hard to even comprehend...so
here is an understandable perspective on the state of our finances in the U.S. Just remove 8 zero's and it makes a lot more sense:
Annual Family Income - $21,700
Actual amount the family spent - $38,200
New debt on the credit card this year - $16,500
Total credit card balance - $169,000
Proposed budget cuts to get the problem under control - $385
My question is, based on this information, how can ANYONE even suggest we don't have a spending problem??