Quote:
Originally Posted by MTI
The budget is small potatoes . . . it's the debt ceiling that will be the killer. Will the US, for the first time in history default on Treasurys?
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Your solution is simply to raise the debt ceiling?
Rather simplistic, no?
Your boat is sinking so rather than 1) Stop the leak, and 2) pump out the excess water, you want to transfer to a larger, still leaking boat?
At some point the budget must balance. Right now it is possible to do that. In another year or two, the debt will become IMPOSSIBLE to repay. What then.
I'd prefer a plan now--even a painful plan, if the pain is fairly distributed--over bankruptcy, and total economic meltdown and anarchy sometime in the future.
Look at what happened in Poland when their economy hit the wall---not pretty.