Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
71% of Americans oppose raising the debt ceiling
According to a Reuters/Ipsos poll, 71% of Americans oppose raising the debt ceiling. Here's a selection from a Reuters article about the poll results:
When asked where to cut:
All of this is irrelevant, though, since the U.S. Senate has no intention of balancing the budget. That's basically what Republican Senator Coburn and Democratic Senator Schumer told Meet the Press yesterday. Senator Coburn said that he would vote to raise the debt ceiling "if there was a specific amount of spending cuts on the table". Senator Schumer repeated the false claim that the Obama administration would be forced to default on the national debt if the debt ceiling were not raised.
Despite the support for token measures in the Senate, the United States still has an opportunity to solve its long-term problems. The Republican majority in the House may yet force the budget into balance by refusing to raise the debt ceiling without a balanced budget.
Unfortunately, balancing the budget would cause a decline in demand for American products, leading to a recession, unless trade is balanced at the same time, perhaps through a scaled tariff. On the other hand, continuing the deficits will eventually lead to a much larger crash either due to spiking interest rates on the national debt or a collapsing dollar.
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