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Credit/Debt maxed out. What's important--cutting spending, bringing in more $$ (or maybe both)?
What if the interest rate doubles if you miss a payment?
7 Answers
- gosam777Lv 71 decade agoFavorite Answer
What's most important is limiting spending in proportion to GDP. The rest of us have to limit spending proportional to income, why shouldn't the government.
If the U.S defaults on interest on the debt, Treasury Securities get dumped on the open market. Either the Fed buys them and triggers massive inflation, or the Dollar collapse and a new currency is issued.
- ?Lv 71 decade ago
There is a very limited amount of more money that you can bring in, most individuals just cant up and get a better job.
The federal government really cant get more tax revenue without destroying the economic recovery we are slowly experiencing
- ?Lv 51 decade ago
With government you have to cut spending because whenever they bring in more money they just spend more.
- ?Lv 71 decade ago
Would you hand an alcholic a bottle of booze? No.
Would you hand over your hard earned money to a govt who is addicted to your money and can't stop spending? No.
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- Anonymous1 decade ago
Which can you for sure do right now without any help from anyone?
- Anonymous1 decade ago
1st you need to cut spending.
bringing in more money is OK but if you have to steal that money its a bad idea.
Source(s): im not retarded.