The Los Angeles Times
July 1, 2011
The Bipartisan Policy Center, a centrist Washington think tank, released a study last week analyzing the real-world consequences of a debt-limit freeze. The short answer: After paying the interest on the federal debt to stave off default, the Treasury would have to cut federal spending on everything else by about half. The government could cover Social Security, Medicare, Medicaid and military spending, but that's about all. Almost every other federal expenditure, including unemployment insurance, college tuition aid — even FBI salaries and IRS refunds — would have to stop.
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