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Monday, April 11, 2011
In the latest chapter of advice the GOP won't listen to, I suggest that they agree to raise the debt limit... but only by a specified amount... with that amount calculated as the amount by which expected tax revenues fall short of the spending the GOP wishes to authorize.
If tax revenues are expected to come in at $1 trillion, then the GOP approves an increase in the debt of only $.5 trillion... which means government spending can't exceed $1.5 trillion. Yes, this is a backdoor way of cutting government spending. But since the GOP showed they lack the backbone to cut spending in a straight fight, maybe they'll go for cutting it this way.
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