Drowning in Red Ink

By: Congressman Frank Lucas (Diary)  |  June 11th at 03:30 PM  | 

This month, our country reached a staggering milestone – the national debt topped $13 trillion.  To put that in perspective, if you were to spend $1 per second, it would take you about 412,000 years to rack up $13 trillion in debt.  While the median income per person in 2004 was $23,535, each American taxpayer’s share of the national debt is $118,500. Even more troubling, | Read More »

One Trillion, Four Hundred Twenty Billion Dollars

By: Congressman Frank Lucas (Diary)  |  October 23rd at 11:09 AM  | 

One trillion, four hundred twenty billion dollars.  It’s an astounding number.  It’s more than the entire economy of India and enough to give every man, woman, and child in the United States $4700. It is also our country’s federal budget deficit for 2009.  That means that in the fiscal year 2009, which runs from October 1, 2008 through September 30, 2009, the federal government spent | Read More »

The True Cost of Our Rising Deficit

By: Congressman Frank Lucas (Diary)  |  March 25th at 07:10 PM  | 

According to the non-partisan Congressional Budget Office, the President’s budget proposal for 2010 will produce a $9.3 trillion addition to our current deficit over the next ten years.  As with a person or company that borrows money, the federal government must pay interest on all borrowed funds.  To do this, the federal government sells U.S. Treasury bonds and bills to people, companies, even foreign countries.  | Read More »