Earlier this week, President Obama town-halled some budgeting advice for tough times. He said that when times are tough, you tighten your belts.You don't go buying a boat when you can barely pay your mortgage.You don't blow a bunch of cash on Vegas when you're trying to save for college.
President Obama also sent Congress his proposed 2011 budget which begins October 1st. The total amount of spending is about $3,830,000,000,000.The budget deficit amount will be around $1,560,000,000,000.
The Treasury Department's spending budget would increase 40% to about $560,900,000,000. Most of the mandatory spending amount of $546,900,000,000 is just to pay interest on the public debt. Estimated interest payments on the debt is $499,000,000,000. The budget projects the gross federal debt at $15,100,000,000,000.
During tough times, tighten your belt.
Don't spend it now if you need some later.
Deficit: The amount we're $pending more than we're making.
Debt: The total amount of money we owe.