Skip to the 10 minute mark for the debt ceiling portion.
There is no chance of a DEBT DEFAULT -- the interest payments are only 6% of Federal spending. They take in around $ 3 trillion in taxes of all kinds and the Treasury payment is $ 360 Billion.
That is like saying I am going to default on my car payment because I want to buy a new house.
do this and take the money away form these clowns in DC.
The US budget for 1978 was $369,585
Interest on the debt was $454 billion in Fiscal Year 2011, the highest ever. That’s despite the lowest interest rates in 200 years. The interest on the debt in the FY 2103 budget is $248 billion, the sixth largest budget item. (Source: U.S. Treasury, Interest)
Regardless of the percentage, the US debt can never be repaid:
Total current liability per taxpayer: $1.1 million
David -- one must factor in the growth in the economy and the increase in taxes taken associated therewith. Look at the GDP numbers and then one must get out of this baseline budget method.
Budgets should be reevaluated each year irrespective of history -- do we really need the DRAFT BOARD ANYMORE -- it is still in DC,
Now if we desire to pay off the debt we must look like individuals and businesses do -- what is our net worth -- the balance sheet tells where we are. The US owns millions of acres of land that could be sold, farmed, mined, developed for oil/gas.
They own the Islands off the coast of California -- WOW they are worth many trillions by themselves -- then they own miles and miles of oceanfront on both coasts many more Trillions . . now we could sell all government buildings and lease them back . . hundreds of trillions in assets are just laying around -- oil/gas inside the 200 mile coastal limit . . the highway system could be sold and leased back -- as well as the Post office.
No we are still the richest nation on earth --
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