Don't want to raise debt ceiling? Get ready for austerity

[OhioChick]

October 7, 2013: 11:38 AM ET



A recent CNN/ORC poll found that 38% of Americans think it would be a good idea not to raise the debt ceiling.

If the country wants to continue paying all its bills, that's not a realistic option for many reasons large and small, legal and practical. Here are just two:

Bills may be delayed but must be paid: Putting off payments to, say, federal contractors wouldn't save the government any money. In fact, it would cost taxpayers more money. The Treasury Department must pay those bills at some point, along with interest penalties for being late.

Spending must be slashed or taxes hiked: The Congressional Research Service estimates that over the next 12 months, the government will spend an average of $30 billion more every month than it takes in.

More: http://money.cnn.com/2013/10/07/news/economy/debt-ceiling/index.html?hpt=hp_t1

[Hoyt]

1. These congress goofbahlz need to come up with a plan that includes tax increases on

those who have done reasonably well in recent years. Need some cuts, but defense seems a place to look.

[lonestarnot]

2. So aren't we already a billion in the hole for their bullshit for nothing?