The US deficit jumped $165,931,038,264.30 on one day last week (June 30), making it the 3rd largest daily increase to the deficit in US History. According to Stephen Dinan:

The figure works out to nearly $1,500 for every U.S. household, or more than 10 times the median daily household income.

According to Wikipedia, deficits are:

A budget deficit occurs when an entity spends more money than it takes in.

The difference between a deficit and national debt is that a deficit is government revenues versus spending each year, while national debt is these annual deficits accumulating over history. These daily debt calculations go up and down frequently as they are recalculated daily based on receipts and outgo by the CBO (Congressional Budget Office).

“What matters is the overall trend line, and the overall trend line is shooting up,” said Robert Bixby, executive director of the Concord Coalition, a bipartisan deficit watchdog group, who said it is one more reason for a fiscal wake-up call.

It seems that the US Congress has some very tough decisions with deficits continually racking up to make the national debt even larger! These are decisions that we as individuals and families are currently faced with everyday as we see either the loss of a job or working a lower paying one decreases the money coming in and then higher prices at the gas pump, for utilities, and groceries keeps rising, we can put the issue into the dire perspective that it is.

The best thing we can do for ourselves is to decrease our outgo as much as possible while trying to increase our income at the same time. While the job market may be tough right now, there are two ways that you can reduce your outgo (a part from spending on luxury items): by paying off your debt; and reducing your interest rates by refinancing from high interest to lower interest rates.

The cost of credit can be amazing and our government is learning that more and more each day (literally)!