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Originally Posted by Kamui4356
Except people, companies, and countries are using the USD for transactions. Not as much as before, thanks to the rise of the Euro, but it has its own problems. It's not a liquidity trap until it actually stops investment, and it hasn't. Of course that not as much as before part gets very little coverage in US media.
Also that 2 trillion increase to the debt cap would be unnecessary if they'd just raise taxes. It's impossible to get a balanced budget without doing so, and US federal taxes are at the lowest level since the WWII.
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Tax revenue alone has no chance of equaling our debt when you count our unfunded liabilities. Unfortunately it's going to take both tax hikes and cuts, which definitely isn't a pill anyone wants to swallow.