It would make every tax cut/loophole currently in place and potentially all future reductions/loopholes permanent, and would automatically make any attempt to increase revenue unconstitutional. This would bleed the country dry, as expenses and inflation increased the only option open to Washington would be to reduce spending. And if a recession/depression hit where the GDP started to drop you'd have a feedback-loop which would drive the country into 3rd world status virtually overnight. The 'tea baggers' are like kids playing with matches inside a barn full of straw.
As Thom Hartmann said on the drivetime yesterday, if this country actually HAD a debt crisis why is it that foreign investors are still flocking to buying up our government issued securities which are paying only 2% interest? They know that we will be good for the money, so they can afford to take less of a return for the knowledge the their investments are safe.
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