I suggest that, in principal, running a household, is no different than running a business and/or running a country; i.e. You do not borrow what you cannot afford to repay.

When I need to make a major commitment, like buying a house, my first priority is to have a pre-payment plan; one that I know I have a reasonable chance to meet.

Providing I have steady income and I know roughly what my necessary daily, weekly, monthly, and yearly expenses are, I can, within reason, feel reasonably comfortable, signing on the bottom line, for a mortgage, given that the terms are known. i.e. interest rate and timeframe.

The unknowns, such as long term interest rates, give me some concern, but only to the extent regarding whether I can afford to keep my purchase, or whether I have to sell and move on to another property, or make other arrangements for accommodation.

My question to the U.S., Greece, Ireland, and all the rest of those lining up to borrow more money, is simply this;

What is your plan going forward, for repayment?

Explain to the people, what your plan is; i.e. how much will the "mortgage" cost them, how the extra monies will be spent, what are the terms and timeline, and how will the repayments be made?

To the lenders, if you are not aware of all of the above, how can you go to your "sources" and commit?

If you cannot repay your commitment, you have no business borrowing.

If you have doubts about recovering, you have no business lending.

To borrow against future generations, is one of the most obscene plans I know of.

Borrowing more money when you already owe more than you can repay, would land most in jail.

Also, why does the U.S. need a “Balanced Budget Amendment”?

Obviously Public Laws even when signed off by the President, do not seem to mean much or be enforceable. (PL 95-435, which was signed into law in 1981, clearly states that total budget outlays of the Federal Government, shall not exceed its receipts.Even this "Law" was outside the parameters laid down by the "Founding Fathers" in the Constitution, which gave "The power of the Purse" to the legislative branch.)

Let’s face it, the U.S. has lost its way. It has been taken over by the very types of people that caused the “Pilgrim Fathers” to seek a fresh start.

Good Luck to all!