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.


Megan said...

I agree with you completely. They think that if we go into default, we won't have to borrow any more money. No, we'll still have to do that, but it'll just be a lot worse for everyone, financially if we do. It reminds me of the same mindset of, "Oh! Well just LET the banks fail!"

It's absolutely ridiculous.

Anonymous said...

Agree on the absurdity. Disagree on the worldwide economic calamity.

It will be interesting to see who gets paid and who doesn't get paid.

What's really absurd is that the press at the Treasury and the computers at the Fed work just fine - no borrowing necessary. Just pay the bills, please.

Dylan Stewart said...

As a reference for those who aren't quite as knowledgeable about the debt ceiling issue-

Obama addresses the issue

Boehner's response