What is a budget deficit? Well simply put, it is when you spend more money this month than your income. So instead of simply ceasing your spending,, you decide to borrow money, and now you have a deficit or a debt. Well, if you keep spending more than you earn and repeat this cycle over many months, before soon all you can do is pay for the interest on your loans. Therefore each month your debt is increasing, growing larger and larger. Until, one day your interest is more than you can borrow and you have to file for bankruptcy.

Why does our country, one of the richest nations in the world, have such an enormous debt? Our country had a repetition of annual deficits from about 1962 to 1997. In 1997 the Clinton administration and Congress managed to provide a surplus from 1998 to 2001. But after the events of September 11th our debt is growing

Some topics in this essay:
Budget Deficit, Medicare Medicaid, Contemporary Issues, President Bush, Iraq Afghanistan, money government, federal budget, paying debt, public debt, tax cut, budget deficit, government surplus, proposed tax, extra money, instead simply, events september 11th,