Congratulations. We may have just got ourselves into cutting the budget deficit plan for the 10 years in an extremely interesting way:
“If, as a result of these congressional antics, interest rates on America’s debt rise by 1% – in other words, if the world asks for just a little bit more interest to lend us money – the budget deficit will rise by $1.3 trillion over 10 years. That would more than wipe out the entire 10 years of cuts proposed in the debt deal. That’s the American system at work these days”.
