Today is “Deficit Day”— the day the U.S. government has spent all of the tax revenue it takes in and starts accumulating more debt. In their recent article in Real Clear Markets, Professors James R. Harrigan and Antony Davies explain that everything the federal government spends from today until the end of the year is paid for on credit—and our children and grandchildren will have to pay for it.

“This year, the government will borrow, on average, $10 billion on each and every one of the 110 days from Deficit Day until the end of the year. That’s 110 days of government operations that will be sitting on America’s Credit Card come December 31st.”

Read the rest of the article here.