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Treasury Takes 'Extraordinary Measures' as Federal Gov't Hits Debt Limit
by Causes
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  • John

    The measures needed to “pay off the national debt” quickly would require austerity measures and tax increases so high that there would be “regime change” in this country very quickly. On the other hand, politicians on all sides have engaged in deficit spending which is likely more acceptable in a weak economy than a good one. Tax cuts and targeted spending are politically popular, they use them to get elected, both to get funding and to influence voters. I don’t think we’ll ever get these two parties to sit down and hammer out a plan that helps the economy avoid booms and busts and at the same time “balances the budget” for any lengthy period under present circumstances.

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