1.Tax Freedom Day – the period from January 1st to the day on the calendar during which the entire earning of Americans are used to pay for his/her taxes (federal, state, and local).
2.Government Spending Day (due to T. Friedman of NY Times) – the period which the entire earning of Americans are used to pay for government spending. This date usually comes after the #1 date above which means government deficit that the future generations must pay.
T There is an interesting figure depicting the history of these two figures at the above URL (unfortunately, I cannot reproduce it here for unknown reasons. I finally managed to do it. Here it is to save you the trouble).