The Debt Ceiling Debate – Yet Another Example of DC Giving Us What We Don’t Want
by Seton MotleyThe entire political landscape is currently engulfed in debt ceiling flames, for largely artificial and concocted reasons.
This man-made inferno is now centered around and fixated upon the August 2 so-called “drop dead” date for reaching a deal to raise the nation’s borrowing limit.
If we do not by then do so, we are told, America will go into default.
Which is little more than repetitive absurdity.
Treasury Secretary Tim Geithner has already given us numerous such “drop dead” dates. March 31? April 15? May 16? May 31? July 8? July 22? These were all “drop dead” dates with which Geithner previously tried to concern us.
Now we’re even being told it’s as likely to be August 10 as any of the others.
In short, on this federal government power grab disguised as a fiscal “crisis,” Lil’ Timmy Geithner is many times over the Boy Who Cried Wolf.
These ever-rolling “drop dead” dates prove (at least) one additional thing: conservative Republican leverage for a deal to their liking indubitably increases every day after the date passes – else Geithner would not be so keen on repeatedly moving it.







Subscribe via RSS
Got a Tip?