A central bank in a democracy is not an all-purpose do-good agency to subsidize what it decides to be worthy.

What is unsustainable eventually isn't sustained. And the question is, how does it blow up?

Winston Churchill once said, Americans can be trusted to do the right thing after we have tried everything else.

If it leads to a debt crisis where suddenly interest rates spike, the U.S. needs to borrow, and bond markets say 'no,' it looks a lot like Greece.

We are facing a real debt crisis, a very real debt crisis.

We are not now going to raise taxes in order to increase spending above the baseline.

Eliminating tax exemptions is a tax increase.

You cannot have spending increase at 6 percent a year while the economy is growing at 2 and 3 percent a year.