Does anyone think this is a good tactic by either side? The clock is ticking and no progress seems to be happening. The consequences of unnerving the bond market in a few weeks are going to be severe with 14Trillion in debt to constantly re-finance. Wouldn't it be smarter to pass a short term debt ceiling for the remainder of FY11 (already budgeted) and work on these bigger reforms one at a time in the next year? Or do we just say F$$k it and let the economy collapse again?
Debt-reduction talks between congressional leaders and the White House entered a critical phase Monday with no clear framework for resolving the deadlock over taxes and spending and a deadline for a potential federal default fast approaching.
At the same time, Wall Street has warned lawmakers that without progress by mid-July, risks rise for a costly downgrade of the nation's debt rating. Lower ratings would lead to higher interest rates.
edit- to add poll
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
chickaree wrote: Stupid gamemanship with the financial well being of nations at stake.
I agree with that statement. We should not increase the ceiling because it does not promote the financial wellbeing of the nation. It is financial stupidity.
By the way, what is a short-term debt increase? It will never be reduced so that means that it will be permanent.
Short term meaning, just raise it enough thru the current FY that is already voted on. Thru September I think. (plus a few months for breathing room). The reason is I think more time is needed to reform the tax code and entitlement programs if we want to seriously fix it long term.
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
