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<blockquote data-quote="brett636" data-source="post: 858676" data-attributes="member: 249"><p>Defaulting really isn't an issue here. Sure some spending will have to be re organized, but the government will still be operating August 3rd, and by that time the tax revenues collected will already have exceeded the required amount of money to pay our obligations. We need $29 billion to pay the interest on the debt for August, and in the first 3 days of August $36 billion in tax revenues will be collected. There will be no default, but other areas will suffer because the government won't have the money to support them. It is projected $206 billion in tax revenues will be collected, but spending is projected to be a little over $300 billion. This is not sustainable and if not stopped now will result in a default later. Tax increases simply won't help the problem as its akin to giving an alcoholic a drink. Sure they will seem fine now, but later it will be right back to where you started. Its time for the government to learn to live within its means, and if that means painful cuts now so be it. I would rather they bite the bullet today rather than us all take a bullet later.</p></blockquote><p></p>
[QUOTE="brett636, post: 858676, member: 249"] Defaulting really isn't an issue here. Sure some spending will have to be re organized, but the government will still be operating August 3rd, and by that time the tax revenues collected will already have exceeded the required amount of money to pay our obligations. We need $29 billion to pay the interest on the debt for August, and in the first 3 days of August $36 billion in tax revenues will be collected. There will be no default, but other areas will suffer because the government won't have the money to support them. It is projected $206 billion in tax revenues will be collected, but spending is projected to be a little over $300 billion. This is not sustainable and if not stopped now will result in a default later. Tax increases simply won't help the problem as its akin to giving an alcoholic a drink. Sure they will seem fine now, but later it will be right back to where you started. Its time for the government to learn to live within its means, and if that means painful cuts now so be it. I would rather they bite the bullet today rather than us all take a bullet later. [/QUOTE]
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