I just heard the secretary of the Treasury complaining about the Republicans' warning that they will not increase the debt limit. He said that millions of Americans will not get paid if the can’t borrow money.
What he did answer is why does America continuously have to borrow money? How much money can we borrow before the lenders realize that we are a bad risk? What is going to happen when no one will lend us money?
We now owe $17 trillion and have a contracted debt of $35 trillion.
We are currently paying over $500 billion in interest on our current debt and we are borrowing money to pay the interest, which any idiot knows can’t continue as the interest payment will soon consume your entire income.
Why didn’t he say that we must cut our spending? When you are over your head in debt the only intelligent thing to do is cut spending.