And the law says that we have to pay the interest on our debts....
Won't this really just be a spending cut? Won't our government, for the first time in a long time, actually have to cut spending until the budget is actually balanced? Where there can be no deficit spending? Where we cannot spend more than we take in?
I see no crash, unless you are dependent on the gubmint for your livelihood, be it as a worker or as a welfare/SNAP/EBT/etc. recipient.
Perhaps, for once, if the GOP stands firm, we can actually have a chance at cutting some government bloat and waste.
Then the big fight over what to cut will begin.
But this will, at least, be a beginning.