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Sure we have a mountain of debt, however we have a very good system in place so that that can be corrected.
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Yes. UK is doing it right with austerity measures, they will even cut their Battle Tank size down to 50 pieces, share aircraft carriers with France and significantly cut down the Airforce and Army in general.
Army's 400 tanks may be cut to 50 - Telegraph
Off course the UK doesn't only cut expenditure in defense but also in public spending.
I don't really see the motivation for 'cutting expenditures' in the USA.
All projections tell us, the US's debt will rise, increasingly credited by non-Americans and that half of the debt the US is going to take in this decade is just for serving interest on existing debt.
Between 2010-2020, the USA will take another 9 Trillion $ in debt.
Half of it only to serve interest payments on existing debt.
In 2015, a third of federal tax income will go just to serve interest on debt.
Interest due on U.S. debt: Close to $5 trillion - Nov. 19, 2009
Once Credit Rating Agency's down-value the USA (it should already have happened), it becomes more sorrowful.
Ain't that just sweet? And they are our ally?