At some point, the crap will hit the fan.
All this needs to be recognized by the public now. It is not a hidden plot, or a Republican caused problem.
We recognized that the economic power of the U.S. cannot sustain high taxes and continued fed spending. Bush funded some of the most important items and reduced taxes to frustrate the growth of government.
9/11 caused a bit of a deficit situation, but we will grow our way out.
The project now is to reduce the growth in government while addressing the future financial obligations.
A task that nobody wants.
SS must come off the budget. It won't help much, but it is the easiest to address.
If we cannot address it now, we will certainly be forced to address it later. The cost will be higher and all the rest of the difficulties will frustrate the process.
The government paralysis could cause the markets to react and away we go!!!!!!!
No bankruptcy attorney can fix that. The government would default.
"we are currently retiring debt with borrowed money. We do it today!"
This called rolling over debt and has been done for decades if not centuries.
"The government would default."
Since the Federal govt has the power to create money, it cannot default by definition.