The federal governments finances should be more like the individual counties and States. States must tax and borrow to pay for itself and there is a limit.
In contrast, budgets or bankruptcies are concepts foreign to federal decision makers.
If all federal entitlements have to be paid by collecting taxes and borrowing, they will be reformed, or scrapped.
For a more thorough discussion of an alternative go to the last chapter of this book Money, Bank Credit and Business Cycles.
