The federal government will spend $7 trillion in 2025. That’s roughly $19 billion per day, or around $50 million in the time it takes to read this article. On the other side of the ledger, the government will collect $5.2 trillion in taxes. Careful readers will already see the problem.
That $5.2 trillion dribbles in over the course of the year as households and businesses pay their taxes. But imagine if the IRS received the full $5.2 trillion on Jan. 1 and the government spent at a constant $19 billion per day. At some point in the year, the money would run out.
That day is Deficit Day, and this year, it fell on Sept. 21.
Read the full article here:
