Don't buy the right wing bullshit ...
In World War II, we pushed the debt up above 100% of GDP ... its presently (avoiding double counting) under 50%. $1 trillion is less than 10% of US GDP.
The US can be bankrupted going down the course it is presently going, but $700b is well worth it if only to prevent average GDP growth rates from being 1% or more lower over the next five years. I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
What will reliably break the bank is a cutoff of funds from foreign investors. We live on their credit card.
Capitalism searches out the darkest corners of human potential, and mainlines them.
