debt ceiling

(Thanks to DailyKos commenter 2laneIA for suggesting this post and the title)

It's only a few days now until August 2nd. Perhaps a compromise on lifting the debt ceiling will be reached before then. Perhaps none will be reached. Perhaps the President will veto a compromise if it doesn't extend the ceiling sufficiently to support deficit spending until after the 2012 elections. more »

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You have probably been hearing about "the debt crisis." I can't open a newspaper or turn on the radio or TV without hearing about "the debt crisis." Well stop calling it that, because that isn't what is going on. more »

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Gandhi famously answered the question "What do you think of Western Civilization?" by saying "I think it would be a good idea." That phrase might come in handy the next time somebody asks what you think of a two-party democracy: It would be a good idea. As the economy burns to the ground, nobody's calling the Fire Department. Both parties want to throw gasoline on the fire, and their only disagreement is whether to use regular gas or unleaded.

Here's a challenge, if anyone's willing to take it: Can you read the statistics below without concluding that our current debate is a national disgrace? Both parties are pushing radical and counterproductive cuts that would devastate middle class and lower-income Americans, compounding the misery for ninety percent of us. Neither asks the top one percent of earners, some of whom caused this crisis, to help repair the damage after enjoying historically low tax rates.

And this isn't just somebody's opinion. These are the numbers talking, not me. John Boehner's plan is a radical right-wing assault on government that would have embarrassed previous generations of Republicans. Nevertheless, his party's base and members of the House will probably reject it. Harry Reid's proposal is also devastating - and his party's rank and file may very well support it. It's hard to know which is a sadder statement on the degraded state of our politics.

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Many people have been, deservedly, very quick to jump on John Boehner for the lies he told in answering the President's Address; but they have been a lot less anxious to lay out the lies or at least falsehoods told or implied by the President, himself. I don't intend to excuse the Speaker's lies or the Speaker, by showing that the President doesn't have clean hands. more »

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Washington is engaged in one more Chicken Little game of chicken. "The sky is falling" they cry, whipping up the fear and panic, demanding we solve the latest "crisis" by cutting taxes for the rich, cutting the things We, the People do for each other, and handing over even more of our common wealth to the already-wealthy few. more »

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People in the capital were thrilled by Twitter's role in 2009's Iranian uprisings. They probably weren't as excited this weekend when a new "hashtag" (topic) suddenly climbed toward the top of Twitter's trend list. It's not printable here, but the first word began with a "F." After that came the words "you" and "Washington." more »

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Dear Dems and Mr. President,

I've been a lifelong Democrat. But now, I don't know anymore. I'm still registered alright; but when I look at your behavior, I think I'm a freely floating voter resource now, and I'd probably respond to a poll as one in that amorphous blob of independents that stands for “the two parties suck; but we don't agree on much else.” I'm sorry about that. more »

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"Who does Standard & Poor's think it is?" asks Matt Miller, the reasonable and congenial host who represents the "center" on NPR's "Left, Right, and Center." Miller's understandably outraged that this discredited organization still has so much power and influence. But he's asking the wrong question.

S&P knows exactly what it is, and so should everyone else. It's the for-profit company which, while masquerading as a credit rating "agency," bartered its coveted AAA ratings for increased profits. The real question is why? Why does S&P still have the power to cost the government billions of dollars in added interest payments, which is what would happen if they downgraded our credit rating?

The pronouncements of these for-profit "agencies" have no more credibility than the murmured compliments of an overpriced escort in a candlelit hotel room. So why do they still have the power to endanger the financial security of millions of Americans? more »

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Congress provided the authority

, in legislation passed in 1996, for the US Mint to create platinum bullion or proof platinum coins with arbitrary fiat face value having no relationship to the value of the platinum used in these coins. These coins are legal tender. more »

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(Author's Note; Many thanks to lambert strether, beowulf, and Yves Smith for their reviews of this post)

Well, the debt limit crisis is upon us. Treasury Secretary Geithner says the US Government will not be able to meet all its obligations on August 3, unless the debt ceiling is increased by Congress. The Secretary says he is out of moves to extend this date. I don't think that's true. more »

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