I t seems pretty clear that bankrupting the government is the point. It is a simple policy that says we need less government so why not bankrupt the treasury. Bush looks great as he fights his wars and throws 15 B at aids but the present and future deficits will undermine the government in the end. This is the Neo Reaganites at work. Best way to facilitate States rights is to strip the Federal Government of its ability to pay.
As much as they would like to blame him for all their problem Bill Clinton is not and has not been for quite a while the President. War and patriotism and tax cuts can only go so far. The real irony is that Volker was appointed by Carter and Greenspan was appointed by Reagan.