The potential loss of the dollar as a reserve international currency is actually underway, despite its current relative strength. The ability to protect U.S. global interests in the future could be diminished.
Do not treat unlimited government spending lightly. The repercussions can be extremely serious in matters of our economic and national security. We're in trouble if other countries no longer convert their currency into dollars.
The debt ceiling question is important. Spending below that ceiling resolves the problem. A budget deficit that cannot be overcome without massive taxation, guaranteed to stifle economic growth, to prevent deficit reduction, is the major difficulty. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at Twitter.)
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