https://hotair.com/headlines/archives/2012/11/24/here-comes-default/feed/HotAir is the leading conservative blog for breaking news and commentary covering the Biden administration, politics, media, culture, and current elections.en-usTue, 09 Jun 2026 02:27:56 -0400<![CDATA[A few years ago, when the economy was humming, a common estimate held that federal taxes would have to rise 50% immediately to fully fund entitlement programs. Today, a 50% tax increase would be needed just to meet the government&#8217;s current spending, never mind its future obligations.]]>Sat, 24 Nov 2012 08:25:23 -0500<![CDATA[Allahpundit]]>https://hotair.com/headlines/2012/11/24/here-comes-default-n97754