Wall Street and the big banks owe $1.5 trillion for the bailout (at least). The Super Congress needs to cut $1.5 trillion over ten years. Get the money from Wall Street and cancel the Super Congress. Problem solved.
In George Eliot's Victorian novel Middlemarch, set around 1830, just prior to the queen's ascension to the throne, one of the main characters, Dr. Lydgate, comments:
In this stupid world most people never consider that a thing is good to be done unless it is done by their own set.
180 years later, and things haven't changed a bit.
If we defaulted on our debt when we were perfectly capable of paying it, we would be be prosecuted for fraud. But when Congress does it, they call it politics.a
The crazies in the United States House of Representatives would have you believe it were so. They say fix that budget before we'll raise the debt ceiling. If we don't get our fix, they announce, there's no deal. We'll just default until things get straightened out. (Image: George Romero)
Let's see what would happen to you or me. We are unable to pay our bills, unless we tap a special line of credit that we've used in the past, one that has never failed us. We'll have to raise some money and cut some expenses too.
We're tired of paying bills and just want to stop for a while. We file for bankruptcy following all of the required procedures. The minute we file, we're granted an automatic stay on our debt. We are now protected, no bills to pay.