The deficit for the last calendar year was 11.64% of GDP. This is right up there with the nations that have blown up - Iceland, Greece and Ireland - and this is the third year running you've put up numbers over 10% (10.23, 11.41 and now 11.64, respectively.)
You will not get away with this into the indefinite future. You may think you can get away with it for two more years, but I assure you - that is not going to happen.
Further, the true GDP rate for the last 12 months is in fact -7.31%. We now have a cumulative decline in GDP built into the economy of approximately 30% that must be absorbed. If you attempt to continue this path much further, it won't be a decline that we will be dealing with, it will be an all-on collapse.
I know 30% sounds outrageously large - and beyond the nation's ability to absorb. It cannot be absorbed without severe pain. But if we do not take that pain, force the bad debt into the open that is causing this and clear it - irrespective of whether we want to or not, the result will be political and economic collapse.
This is as certain as night follows day, and day follows night. It is as certain as January 1st follows December 31st.
Mr. Goolsby opined that to not extend the debt ceiling would be to "play chicken" with the "full faith and credit" of The United States.
Let me be clear: If you extend the debt ceiling and by doing so allow deficits of this sort to continue for another year, say much less two, you will have placed a loaded shotgun in the mouth of this nation and pulled the trigger.
It will go off, and you will splatter this nations' economic and political system all over the wall.