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To translate, "shut down" means subsist on tax revenue alone and not issue anymore debt. For 2012 that was $2.5 trillion for the year. I realize it would be a
by metric10 13y ago
To translate, "shut down" means subsist on tax revenue alone and not issue anymore debt. For 2012 that was $2.5 trillion for the year. I realize it would be a disaster to go cold turkey like that, but I also don't buy the notion that you can't run an effective and modern government on that kind of money.
- eli 13y agoI think you are confusing the budget with the debt ceiling. This has nothing to do with how efficient the government is or taxes or debt. By law Congress must pass a budget (or a Continuing Resolution) by Sept 30 or vast swaths of the federal government must literally shut down. It does not matter how much they spent nor how much the treasury has in the bank. `
- metric10 13y agoI'm aware of the distinction, but from the article: "With the possibility of an American federal government shutdown looming next week as the result of the debt-ceiling crisis ..." Not a "continuing resolution" or "budget" crisis. But if that is the issue, then OK. I concede that $0 is NOT enough to run an effective government with.
- tedunangst 13y agoThe debt ceiling is being used as leverage. It is not, in and of itself, causing the shutdown.
- eli 13y agoThe article is wrong. http://www.usatoday.com/story/news/politics/2013/09/28/government-shutdown/2885749/ http://www.usatoday.com/story/news/politics/2013/09/28/gover...