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If we don t raise the debt ceiling the government cannot issue new debt. we take in 60 cents for every dollar we spend. we spend 40% more than we take in. you can choose to not pay the interest on your current debt, which amounts to effectively a defau default. how would the markets react to that. that s bad. we think so. okay. currently the u.s. used as a safehaven. would markets continue to think of us that way? we don t know. the second choice is more scary to me, that is we have to cut spend big 40% and that comes from social security, medicare. that s a big cut. it s a huge number. where does your arrow go if you do that. to depression. i want to cut government spending but i don t want to do it overnight. if you have to cut spending by 40% you re looking at a 10% contraction in the economy, looking at depression. that s a pretty clear choice. raise the debt ceiling. that s not what we re hearing from a whole lot of other ....
we have over 50 tlts in unfunded liabilities, medicare, medicaid, all unsustainable. i think we need to do something in connection with the decision to raise the debt ceiling. it deals with the debt. both medium and short-term, medium term and long-term. that what it would take to get my vote. a cnn contributor, secretary geithner said not raising the debt ceiling would be catastrophic for the economy. now, he concedes no one knows for certain what could happen in the event that it s not raised. are republicans willing to risk sending this fragile recovery that we re in into chaos to find out if they re right? no. but neither are democrats. let me tell you why i m certain. a, the debt ceiling has been raised 74 times since 1962. second the consequences for not raising the debt creeling are dire and everyone knows it i have my tim russert prop. if we don t raise the debt ceiling the government cannot issue new debt. we take in 60 cents for every dollar we spend. we ....