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If Budget Talks Fail, U.S. Does Not Have to Default on National Debt

By Peter Morici - June 28, 2011

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In the debt ceiling talks, President Obama and Republican leaders are locked in a battle of will. The simply truth is higher taxes are not needed, and the U.S. does not have to default if no deal is struck by August 2. Democrats endlessly nag the $1.6 billion 2011 deficit is caused by profligate spending and tax cuts during the Bush years, and without tax increases the U.S. government faces...

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Peter Morici

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