On Sunday, April 26th, the United States Government ran out of money... that day marked Debt Day 2009... And one local lawmaker says it marks the beginning of the end.
The symbolic holiday known as debt day comes early this year... But Congressman Mac Thornberry says it's nothing worth celebrating. More than three quarters of Americans are in debt... And on April 26th, the federal government joins them.
It marks the day when all of the federal government's revenue for this fiscal year has been spent and the rest of this year's money will be borrowed. April 26th is the earliest this has ever happened. Here's a look at when debt day has occurred over the past few years... It's fallen between July and September every year since 2002.
2008 - August 5th
2007 - September 9th
2006 - August 27th
2005 - August 15th
2004 - July 27th
2003 - July 29th
President Barack Obama says, "In order to jumpstart our struggling economy we were forced to make investments that added to that deficit through the American recovery and reinvestment act."
Representative Mac Thornberry says today serves a reminder that spending won't turn the economy around. He says, "American families and small businesses are making critical sacrifices. Our children and grandchildren will be forced to bear an unprecedented burden as a result of excessive spending."
We asked local residents what they think about the estimated $2.2 trillion the government has spent so far this year. "There's things that were spending it on that are maybe not producing enough money coming back in but I definitely think that he's put some plans in place that maybe later on and help our economy... I think government spending is excessive. We owe China one trillion dollars. That can't be a good idea. That can't be a good thing...I'm pretty sure they got a plan with it. I'm hoping they got a plan, so I'm thinking it's necessary."