If the debt limit isn't passed?

[Knightskye]

The current debt limit is $14.3 trillion.

The current debt is $13,723,439,668,440.18
http://www.treasurydirect.gov/NP/BPDLogin?application=np

If we don't raise the debt ceiling, then Congress has to bring spending in line with revenues, with about $500 billion of leeway.

So, if tax revenue is $2.3 trillion, and the proposed budget is $3.6 trillion... Congress would have to cut $800 billion.

That's possible, but not likely. I think the debt limit will end up being raised.

Then again, I'm not sure how that works, and may have gotten the whole thing wrong.

 

[Philhelm]

But then, what's a debt limit when you have your own printing press?

 

[susano]

OP, I brought that up here -

http://www.ronpaulforums.com/showthread.php?t=267347

Some good posts there.