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If we do not increase the federal budget limit, we will immediately be forced to balance the budget (no constitutional amendment required). In August, the government is expected to collect about $172 billion in revenue, and will face about $307 billion in expenses. That will leave us with a $135 billion shortfall.   We only need to cover about about $30 billion in interest to avoid a default on our debt.  It will be interesting to see who the government chooses to pay, and from whom it chooses to withhold payment.

Updated Nov 7, 2020, 5:29 AM

"Only 6% of Americans say they are interested in the upcoming Royal Wedding - but that's not stopping TV networks from investing millions and millions of dollars to cover the event. Entire cable morning crews, hundreds of reporters and cameras are being sent overseas to cover a wedding. Meanwhile, Syria is falling apart, gas prices are skyrocketing, the IMF has declared the 'age of America' is coming to an end and food prices are rapidly increasing. But hey, did you see Kate Middleton's dress?" -- Glenn Beck

Updated Nov 7, 2020, 5:03 AM

Updated Mar 17, 2011, 11:30 AM

Updated May 29, 2009, 1:39 PM