RealClearMarkets - The Truth About the Debt-Ceiling Fight

RealClearMarkets - The Truth About the Debt-Ceiling Fight: "We have been told that failing to raise the debt ceiling would precipitate a 40% cut in government spending. Since most of what the government does is illegitimate, that would not be unreasonable at all, actually, but even on the Tea Party critics' own terms, the numbers tell a different story. If the debt ceiling is not raised, it would represent a 16% decrease from Bush's 2009 budget request of $3.11 trillion, decried by both the right and the left as overspending.

It would represent a 26% cut in government spending from Obama's 2010 budget request"

"To go back to Bush-level spending would require $0.70 trillion of borrowing until the end of 2012, around which time, revenues would begin exceeding government expenditures."