If human nature continues on its greedy little glidepath, there will be frenzied buying sprees of the longest maturing munis that retain their tax-free status.
America's biggest airline, American Airlines has prepared a glidepath down to Chapter 11 by laying out a cost-cutting strategy and a financing plan before it asked its workers to agree to wage cuts.
And so we're trying to find this balanced approach in which we have a smooth glidepath from 10 percent down to a more sustainable level, and I think that's what's reflected in this budget.
One technique would be to replace the current statutory debt limit with a glidepath to a 50% ceiling on the debt-to-GDP ratio and empower the President to cut spending when we exceed the debt ceiling.
The problem is that big numbers of that sort can either scare investors into thinking a target is unobtainable or force them into a risky glidepath in search of returns to reach that magic number.