April 14, 2011 – CBS 2 News at 5AM
With all the talk about reducing the national debt and budget deficit, CBS MoneyWatch wants to explain some of the basic facts about the budget issue.
In essence, think of the federal government like it’s your family – you lived beyond your means for two decades and spent money on things on which you have come to rely, like health care costs. To make ends meet, you borrowed money on your credit card.
Soon, you could be faced with giving up some of those necessities and that hurts, and it’s happening at the very time when lenders could hike your interest rate. The government is in a similar situation.