Here is the US budget for this year.
http://www.gpoaccess.gov/usbudget/fy12/pdf/BUDGET-2012-BUD.pdf
Total expected spending: $3.8 trillion.
Total expected tax revenue: $2.2 trillion.
Deficit: $1.6 trillion.
If the government cannot issue any more debt, and we're not going to raise taxes, then the deficit must be eliminated by drastic spending cuts.
Interest payments are expected to be $200 billion. Those must be met, unless we are planning to default. Thus, we can only spend $2 trillion. Here are the line items of the budget.
Social security, $800 billion.
Medicare and medicaid, $800 billion.
Defense, $800 billion
Interest, $200 billion. (Can't cut that though.)
Everything else, $1.2 trillion.
As you can see, social security, medicare and medicaid, and defense account for $2.4 trillion in spending. That means if we eliminate "everything else," and I mean everything, we have to cut $400 billion from those three. What do you cut? Social security? Medicare and medicaid? Defense?
And remember, we don't have any government employees any more, because we fired them all, since they were part of "everything else," so no one will actually be collecting and disbursing any revenues from the government any more.
BTW, if we go cold turkey and are forced to match expenditures with revenues, i.e. not raise the debt ceiling, the government will stop spending $1.6 trillion a year, or about $130 billion a month, which accounts for 11.3% of GDP. IOW, GDP will start falling by about 1% a month. As a comparison, the economy fell by 3.1% top to bottom during this most recent recession. So forcing the government to balance its budget by not raising the debt ceiling would contract the economy in one quarter what it did during the entire recession.
Toroshit,
Pay attention, Obamarrhoidal idjit: READ Dick Morris's books: "REVOLT" & "CATASTROPHE".
A moron like you might not know that Dick Morris successfully Macro & Micro Managed Slick Willy's political career. He's gone through ALL the twists and turns of political maneuvering and is THE master of them.
And, here you are, a meaningless Obamarrhoidal fart, spurning invaluable insights, pontificating on what should be done when I am trying to instill an element of reason in what is, in effect, the blather of a lobotomized baboon.
It is fucking amazing how an insignificant insect like you can house such a stupendous ego.