Michael Tanner of Cato has an interesting piece today on the debt ceiling. Tanner is less concerned about the events of the next few weeks than I am but does a good job of placing things in historical context.
“If the government is not able to borrow more money after Aug. 2, spending will have to be reduced to the amount of revenue that the government has. That would require roughly a 44 percent cut in federal spending.”
Tanner places this in historical perspective (one that reminds us how much things have changed in the past decade)
And what about that 44 percent cut in spending? That would require the federal government to cut spending all the way back to what it spent in 2003 — a year not notable for mass starvation and economic collapse.
Tanner concludes with a useful reminder:
The real fiscal Armageddon that this country faces comes not from a delay in raising the debt ceiling, but from out-of-control federal spending and government debt.
The Tanner piece is brief and worth a few minutes of your time.