Re(1): 'Debt ceiling: Battle heats up', CNNMoney.com, Jeanne Sahadi
Will reaching the debt ceiling cause a government shutdown? Not necessarily.
A government shutdown occurs if lawmakers fail to appropriate money for federal agencies and programs.
By contrast, if the debt ceiling is breached, Uncle Sam would still have revenue coming in that could be used to fund the government, Penner noted.
Of course, if it can't borrow, the government will need to raise taxes or cut spending to continue to meet its obligations in full.
James, on where to cut spending...
How about inflation adjusting each department spending to FY2008.
FY2008 Expenditures: $2,978,664
FY2008 Expenditures (2010 Dollars): $3,027,085
FY2011 Projected Revenue: $2,425,725
Resulting in a Projected Deficit of: $601,360
The Obama Projected Deficit is: $1,416,195
So, James, in one fell swoop I have wiped out $814 Billion in this years deficit.
Thats a nice start, eh...
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