Advocates of austerity counter that confidence in the government’s credit might collapse, and the government might have to roll over its debt on unfavorable terms. Worse, the government might be unable to refinance its debt at all, and then would have to cut spending and raise taxes sharply.
紧缩政策的支持者会反驳这样会大大损害政府信誉，而当政府欲将债务延期时，宽松条件可能已不再成立。更加不利的是，政府可能完全无法对债务进行再融资，届时便只剩下大幅削减支出并增加税收一途。