The government had finally crossed the threshold. It is now living entirely as a fiction. In other words, without fake money and debt, it would literally cease to exist. And as much as that sounds wonderful, don’t get your hopes up just yet.
What is the situation: Table S-3 from the OMB Budget Summary Table
2010 Total Receipts – $2213 (billions)
2010 Total Mandatory Spending and Interest on the debt – $2245 (billions)
Mandatory spending (which is “mandatory”, required by law) and interest (which is mandatory, or they go into default) surpass all receipts to the government.
ALL discretionary spending, for the wars, roads, schools, trees, etc., EVERYTHING ELSE is borrowed or printed money. Without that, the government would literally cease to exist.
The US government is living entirely on other people’s money. But, considering that so many millions of people are as well, it only makes sense.