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I'd agree with some of those cuts to be sure but I do believe our Federal budget is way over-extended or bankrupt.

Bankruptcy is a very specific term - it is when a person/organization cannot repay their debts. We are not bankrupt. We are not broke. We, without a doubt, have the ability to repay our debts. We know this because the interest rates for US Government debt are incredibly low - people are willing to give the US Government money more or less for free because they know that we're good to pay them back. As a nation, our debt-to-GDP ratio is perfectly reasonable.

It's true that we have some long-term fiscal issues to deal with, almost all of which are related to healthcare. However, we are not bankrupt under any reasonable definition of the term. We have the financial ability to repay our debts.

by Alex B. on Sep 7, 2011 1:15 pm • linkreport

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