I am not sure what not raising the debt ceiling would mean. As I understand it, without the raising of the debt ceiling, there would be no money to pay the interest on the national debt, so we would default? Does it mean that we have spent all the money set aside to operate the country six months into the year and that there will be no money to run the country and pay for things like bullets for the military after March? Or does it mean that there is no money beyond that which is budgeted?
Only about a third of spending is accounted for in interest rates.
Revenues are around 3 trillion on 4.5 trillion spending. Getting the deficit down to Bush days, would put it around 200 billion not 1.5 trillion that it is now.
So you’d have to keep 1.5 trillion in debt repayments and cut 1.3 trillion of 3 trillion dollars of discretionary spending.
This is why everyone is opposed to raising the debt limit, because the deficit is just insane thanks to Obama. So they would have to halve the size of the federal government just to keep their head above water.
Edit, I’m wrong.
The US is paying about 200 billion on 3 trillion dollars of revenue or about 6.67 percent.
Why so low? Interest rates are at a historical low right now.
To fix the deficit, they would have to cut down to 2.8 trillion of discretionary spending, from 5 trillion of discretionary spending.
To get the debt to Bush levels, they could have 3 trillion in spending, so they would still need to cut back 60 percent of discretionary spending just to get back to even.
Discretionary spending under the Obamacare regime has increased from 2.8 trillion to around 5. So they’ve basically spent twice as much. He has added close to 4 trillion of debt in 2 years, 4 trillion on 14 trillion total in debt, making the US as indebted as it has been since the Truman administration.