REALITY REQUIRES a raise in the debt ceiling. If we default, our recession so far will seem like a walk in the park.
What they should do is require that any raise in the debt ceiling is combined with XXX amount of spending cuts.
You don’t default on your mortgage to spite your neighbor, and that’s basically what some Freepers have been suggesting.
I disagree we need to toe the line and say no more debt.... period !!! The U.S. House of Representatives holds the purse strings of the United States and EVERY member of the House needs to collevely get on the Dave Ramsey plan !!
http://www.daveramsey.com/article/get-out-of-debt-with-the-debt-snowball-plan/
Federal Income Tax revenue is just about enough to cover interest and the bare essentials like defense. No default is necessary.
Every month the Federal gov’t keeps paying office buildings full of countless employees doing nothing that is essential, the Federal employee bubble is getting bigger.
“Also, the Treasury Department said it will auction $99 billion in 2-year, 5-year and 7-year debt next week”
Sooner or later there will be no buyers at these auctions.