This is not the first time we have had budget problems. The federal budget was a big problem during the 1980's. Do you remember the national debt clock?
When an accountant or bookkeeper balances a budget they do it by working with both sides of the balance sheet. They work with both the debits (expenses) and credits (revenue). Unfortunately, many people, especially many congressmen, want to balance the federal budget by Only reducing or eliminating expenses. They refuse to work with the credit (revenue) side of the balance sheet. Such an attempt to Only eliminate expenses will not work.
Personally, I can not balance my budget by only reducing or eliminating expenses (debt). There are many expenses that I can not eliminate or have no negotiating power to reduce. I need to increase my revenue as well as reduce expenses. A budget is balanced by balancing both the debt and credit. You do not balance a budget by working on Only one side of the balance sheet. Those that say we can fix the budget by working with only the debt (expenses) or credit (revenue) are lying to you.
