Per Bloomberg: Poland's finance minister is at risk of losing his job because Poland is exceeding the deficit spending cap of 3% GDP. I didn't realize that the EU had caps on spending and debt like this. Governments who top the 60%/3% caps face fines up to half a percent GDP!
If we are trying to fashion ourselves like Europe (as liberals want), maybe we should pay our debt down instead of having the Federal Reserve buy that debt (using one credit card to pay off another)?
Link: http://www.usgovernmentspending.com/us_national_debt_chart.html
I suppose it would be an improvement to reduce our debt to EU levels, but many of them are struggling with debt...if we assume their cap is a reasonable amount.