"Fiscal Cliff" in Plain English

[Richard O'Neill]

Now I understand!!

Lesson # 1:

* 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: $16,271,000,000,000
* Recent budget cuts: $38,500,000,000

Let's now remove 8 zeros and pretend it's a household budget:

* Annual family income    $21,700
* Money the family spent:                 $38,200
* New debt on the credit card:  $16,500
* Balance owing on the credit card: $162,710
* Total budget cuts so far:           $3.85

Got It ?

Lesson # 2:

Here's another way to look at the Debt Ceiling:

Let's say, You come home from work and find there has been a sewer 
backup in your neighborhood and your home has sewage all the way up to 
your ceilings.

What do you think you should do - Raise the ceilings, or remove the crap?







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