Sunday, July 24, 2011
Debt Ceiling Absurdity
OK, now I am officially nervous about this impasse on raising the debt ceiling.
A majority of Americans in countless polls want debt and deficit reduction. A similar majority want it without cuts to Social Security or Medicare. And a similar majority want the deficit and debt reduction to come from a mix of spending cuts - though where is the question - and, AND, tax increases. Yet, we are at a stalemate because the GOP leadership appears just crazier enough to risk worldwide economic calamity and a staggering unprecedented default on the most trusted debt in the world simply because they won't agree to any, ANY, tax increase. Even a tax increase that is matched three-to-one on spending cuts. A majority of Americans want this as the plan, a majority of Americans simply want the deal done, nearly all interested parties from the Chamber of Commerce to the ratings agencies say this is the only answer. And, yet, the GOP balks.
I am nervous, and this is a damn shame.