Who bails out the US government?

Just as homeowners and financial firms have been living beyond their means, so, too, has the federal government. The question then is: Who bails out the US government when Washington overspends? Unlike when a firm is in danger, if the US government collapses there is no backstop; there is no one to...

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Bibliographic Details
Published inThe Christian Science monitor (1983)
Main Authors Panetta, Leon E, Frenzel, Bill
Format Newspaper Article
LanguageEnglish
Published Boston, Mass The Christian Science Publishing Society (d/b/a "The Christian Science Monitor"), trusteeship under the laws of the Commonwealth of Massachusetts 05.11.2008
Subjects
Budget deficits
Economic crisis
Economic summit conferences
Federal budget
Federal government
Medicare
Social security
Washington
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Summary:Just as homeowners and financial firms have been living beyond their means, so, too, has the federal government. The question then is: Who bails out the US government when Washington overspends? Unlike when a firm is in danger, if the US government collapses there is no backstop; there is no one to bail us out. What the government needs is a plan that puts the US on a gradual path to bring the budget back into balance before a financial crisis larger than this one forces us to.
ISSN:0882-7729
2166-3262