House Speaker John Boehner said he agrees that the U.S. debt limit must be raised and the government can’t be allowed to default on its debts, but he also said Democrats are not serious enough about trimming entitlement programs.
More than 50% of the Federal Budget is contained in Social Security, Medicare, Medicaid, Welfare (of various sorts including food stamps) and Unemployment.
The federal government borrows 42 cents of every dollar it spends.
Therefore, you could cut the entire rest of the budget to zero (including defense!) and not balance it.
Refusing to raise the debt ceiling is not a default. It does, however, immediately force a balanced budget. Under the 14th Amendment Treasury is obligated to pay principal and interest first, with everything else being paid only with available funds.
If you want to actually balance the Federal Budget, which needs to happen – right now – then this is how you do it. When the screaming starts (and it will, immediately) we then get to have the discussion about the services the government is to provide and for each of them a source of revenue (that is, taxes) must be identified and assessed. That which we cannot get the public to concede a need to pay for is that which is not provided.
It’s that simple.
Stop lying Boehner.