Image by micmol via FlickrFederal Debt Grew by $54.1 Billion During Fight to Cut $38.5 Billion - Politics - The Atlantic Wire:
"It took eight, long days for the White House and Congress to agree on $38.5 billion in spending cuts for the rest of fiscal year 2011. In that short period of time, the federal debt increased by $54.1 billion to a total of $14.2642 trillion, according to the Bureau of the Public Debt."
The only way to know if the people are willing to borrow is to see if they are willing to pay it back.
"It took eight, long days for the White House and Congress to agree on $38.5 billion in spending cuts for the rest of fiscal year 2011. In that short period of time, the federal debt increased by $54.1 billion to a total of $14.2642 trillion, according to the Bureau of the Public Debt."
We need a constitutional amendment that requires a balanced budget, but allows money to be borrowed as long as a tax is immediately instituted that pays it off in 10 years at a constant rate.
So if we borrowed $1 trillion at 5% interest, we'd need additional taxes of $10.6 billion every month for 10 years.
The only way to know if the people are willing to borrow is to see if they are willing to pay it back.
