In The Nation, sociologist and activist Frances Fox Piven argues that the Republicans are hyping the debt threat to justify cuts to social programs: Corporate America's unprovoked assault on working people has been carried out by manufacturing a need for fiscal austerity. We are told that there is no more money for essential human services, for the care of children, or better public schools, or to help lower the cost of a college education. The fact is that big banks and large corporations are hoarding trillions in cash and using tax loopholes to bankrupt our communities.

http://www.care2.com/causes/health-policy/blog/weekly-audit-republicans-budget-declares-war-on-medicare/

Republicans' Budget Declares War on Medicare