If it is going to cause default now, then it darn well will cause default when it grows even larger!
Yes, it is all about spending....overspending.
Raising debt limit isn't necessary now, since we are spending about 40% of intake on interest, but it will be when we are spending 60, 90, 100% (?) on interest. Right now we have 60% of that total which we can trim on & still meet interest payments. At the rate we are going, soon we will have 0% to trim on. The overspending has got to stop. Big problem: those on the receiving side of the ledger don't want to see any of their take disappear, even though it is a result of overspending. The way it is, it is only a burden to those on the paying side of the ledger. Keep it up & there will be none left on the paying side. Then, where is your 'take'?
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Today's Featured Article - Good As New - by Bill Goodwin. In the summer of 1995, my father, Russ Goodwin, and I acquired the 1945 Farmall B that my grandfather used as an overseer on a farm in Waynesboro, Georgia. After my grandfather’s death in 1955, J.P. Rollins, son of the landowner, used the tractor. In the winter 1985, while in his possession the engine block cracked and was unrepairable. He had told my father
... [Read Article]
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