PERRspectives: There is No Debt Crisis. There Should No Debt Ceiling Deal for the GOP.
"After slashing $2.5 trillion from the next decade's red ink in just the past two years, the U.S. national debt as a percentage of the American economy has stabilized. It is worth noting that only about a quarter of the deficit reduction comes from new revenues. (If all of the Bush tax cuts had been allowed to expire as part of January's fiscal cliff deal, U.S. debt would plummet from around 70 to about 50 percent of GDP.) May's 2013 deficit projection was now $642 billion,half the level Barack Obama faced on the day he first took the oath of office in 2009. As the nonpartisan Congressional Budget Office (CBO) explained just last month, for the next decade U.S. national debt will remain at sustainable, stable levels"
