Reply #19: Budget deficits do count and can affect jobs.

[TheBigotBasher]

The US risked losing its AAA credit rating and quite shamefully the Republicans played politics in an attempt to get that to happen when they voted en-masse against raising the debt limit. If that had of happened the consequences would have been disastrous.

Not increasing the debt limit would have forced major cuts to all areas of areas of Government services, with some having to shut down immediately.

The loss of credit rating would mean that interest rates would have had to increase and the interest payable on the deficit would also have had to increase, resulting in a need to increase taxes or cut mores services. Increased interest rates at this time would have a devastating impact on jobs and housing.

Only in the school of Dick Cheney economics would people suggest deficits do not count.