If the Republicans get their way and pass, for example, the Boehner plan for the debt, the U.S. debt would be downgraded and interest rates would go through the roof. And if that happens...
Belton said that a 70 bps increase in interest would result in an incremental $100 billion in interest expense each year.
That would totally negate any potential deficit reduction created by the plan.
In other words, it's utterly useless and would only create economic devastation.
Shit sandwich.