The Seniors Center funds the Federal Debt Default Clock to educate the public and call on Congress to spend responsibly

In this evening’s news release, The Seniors Center unveiled the Federal Debt Default Clock, created by a Review Committee of policy and financial experts and The Seniors Center President Dan Perrin to open the public’s eyes about our current federal financial situation.

The Federal Debt Default Clock measures ten key budgetary and financial features to diagnose the overall health of our finances, specifically as it relates to our risk of insolvency and default.

Based on whether or not the federal government satisfactorily meets each of these ten factors, our current default risk is displayed on the Clock as minutes from midnight–midnight representing the point of insolvency and virtually assured federal default.

Currently, the ten tests indicate we are a mere five minutes from midnight.

Perrin and the Federal Debt Default Clock Review Committee hope this tool will illustrate both to the public and to our lawmakers how critical it is that we get control of our finances and limit the federal government’s reckless spending before it leads to financial disaster.

To learn more about the Default Clock, its Review Committee, and how the ten financial factors are applied to determine the time on the Clock, visit the Federal Debt Default Clock website right here.

And for more from The Seniors Center on this exciting new project, take a look at today’s full press release.