The USA takes in around $250 billion a month in revenue.
We spend around $18 billion a month in interest on the debt.
Knowing this, why exactly would the USA default on its debt if we don't raise the debt ceiling?
Don't we have enough monthly funds to easily pay monthly debt interest payments?
EDIT: Apparently folks have suggested this in the past but said it was undoable because it would force the government to cut spending by at least 40%.
But haven't we now seriously cut spending due to the partial-Shutdown?
I wouldn't be surprised if prioritizing spending to first cover interest on the debt would mean cutting current spending levels by maybe 10%, as the government is in a partial shutdown.
We spend around $18 billion a month in interest on the debt.
Knowing this, why exactly would the USA default on its debt if we don't raise the debt ceiling?
Don't we have enough monthly funds to easily pay monthly debt interest payments?
EDIT: Apparently folks have suggested this in the past but said it was undoable because it would force the government to cut spending by at least 40%.
But haven't we now seriously cut spending due to the partial-Shutdown?
I wouldn't be surprised if prioritizing spending to first cover interest on the debt would mean cutting current spending levels by maybe 10%, as the government is in a partial shutdown.
via JREF Forum http://forums.randi.org/showthread.php?t=266469&goto=newpost
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