Jeezy
DP Veteran
- Joined
- May 21, 2011
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I didn't make it up myself. I got from Jay Powell, Undersecretary of the Treasury under George H W Bush.
What If We Don't Make The Debt Ceiling Deadline? : NPR
This is the actual report he's citing: http://www.bipartisanpolicy.org/sites/default/files/Debt Ceiling Analysis report.pdf
A funny little play on words on that interview, btw. Notice how he assumes we pay the FULL 99.2 billion in social security and medicare/medicaid, plus all unemployment benefits. If we cut around 10% from his "if you choose to pay" list (page 16), we can fund (in their entirety)...
The Department of Education
The Department of Labor
The Department of Justice
The Department of Energy
The Department of the Interior
Federal Transit Administration
....plus military active duty pay.
All of these would have gone completely unfunded in his projected scenario...and that's just on a 10% cut of his "must pay" budget. It doesn't even factor in the potential cost savings we can get from cutting down the programs on the red list. These are the kinds of choices you make.