"The U.S. Treasury has released a final statement for the month of March that demonstrates that financial madness has gripped the federal government.
During the month, according to the Treasury, the federal government grossed $194 billion in tax revenue and paid out $65.898 billion in tax refunds (including $62.011 to individuals and $3.887 to businesses) thus netting $128.179 billion in tax revenue for March.
At the same, the Treasury paid out a total of $1.1187 trillion. When the $65.898 billion in tax refunds is deducted from that, the Treasury paid a net of $1.0528 trillion in federal expenses for March.
That $1.0528 trillion in spending for March equaled 8.2 times the $128.179 in net federal tax revenue for the month."
"The divisive fight has raised concerns among lawmakers and government officials that Democrats and Republicans in Congress will find it even harder to decide whether to increase the federal debt ceiling above $14.294 trillion in the next few weeks. And after that, they will have to turn to crafting a government budget for 2012 and eventually to tackling the long-term federal deficit."
"Republicans want to spend $40 trillion over ten years. That averages a staggering $4 trillion per year. As recently as 2000, federal spending was only about $1.8 trillion. They also want to increase the federal debt from $15.0 trillion to $23.1 trillion. I hope our children and grandchildren enjoy paying interest on that extra $8.1 trillion."
"Ryan basically stole the budget bacon from President Obama, who should have put this kind of plan in his State of the Union. He didn't. And now he's got to play catch-up. The Senate Democrats are utterly hopeless. But the public mood is still where it was last fall: less government spending and borrowing. Ryan delivers on that and then some with his tax-cut growth booster."