Tag Archives: debt ceiling
Amazingly, millions of Americans still don’t understand the ongoing political controversy regarding the federal debt ceiling.
If you know any of these folks, pass this video along to them:
Greg Sargent has the story HERE:
Big news. Eric Cantor has just made it official: The GOP leadership is prepared to agree to a three month debt ceiling hike. This is a major de-escalation of the crazy and effectively means Republicans have all but taken the threat of default off the table completely.
First, the key bit from Cantor’s statement:
We must pay our bills and responsibly budget for our future. Next week, we will authorize a three month temporary debt limit increase to give the Senate and House time to pass a budget. Furthermore, if the Senate or
On the issue of dealing with the nation’s debt ceiling (above) to the question of overall leadership, there’s lots of GOOD NEWS for President Obama in a new Washington Post-ABC News poll:
More Americans now approve of the way Obama is doing his job than at any point in the past three years, except for a fleeting spike upward after the killing of Osama bin Laden. The number seeing him as a “strong leader” is sharply higher, and a clear majority again sees him as empathetic with the problems they face.
James Fallows NAILS IT:
1) Raising the debt ceiling does not authorize one single penny in additional public spending.
2) For Congress to “decide whether” to raise the debt ceiling, for programs and tax rates it has already voted into law, makes exactly as much sense as it would for a family to “decide whether” to pay a credit-card bill for goods it has already bought….
You’ve probably heard talk that a platinum coin worth $1 trillion might be minted as a hedge against the nation defaulting on its debt, but you may not how this arrangement would work.
Paul Krugman EXPLAINS:
As it happens, an obscure legal clause grantsthe secretary of the Treasury the right to mint and issue platinum coins in any quantity or denomination he chooses. Such coins were, of course, intended to be collectors’ items, struck to commemorate special occasions. But the law is the law — and it offers a simple if strange way out of the crisis.