I am generally loathe to think about govt default, but sometimes I wonder if it wouldn't be bad to shed some debt-ability since people seem to abuse it. We overspend so much with so little accountability, it might be good to reign that in.
Then again, I am a little afraid of change in this respect...
The government has a credit card that is almost maxed out and it has been making its minimum payment every month. They spend more than they take in, so in order to make their minimum payment they have to get cash advances from the credit card, which brings it closer to maxing out. They are about to be maxed out, so there are three options if they don't want to default: 1) they get a raise in their credit limit and continue doing what they were doing 2) they figure out how to get more revenue 3) they figure out how to spend less. Democrats are saying that the only option is 1) or default. Republicans are saying that 3) is also an option that they are not considering.
Then again, I am a little afraid of change in this respect...