Armageddon
July 26, 2011 - by
Obama’s got just about everyone convinced we’re staring economic Armageddon in the face if we don’t raise the debt ceiling. John Boehner agrees, Mitch McConnell agrees and just about every TV pundit agrees.
But here’s what’s hard to figure out: Obama, Boehner, McConnell and Harry Reid could avoid Armageddon with one simple bill that says: We are going to pay the $200 billion in debt payments we owe each year first – before Congress spends the other $2 trillion flowing into the treasury. No default. No meltdown. No Armageddon. The debt holders would be safe and satisfied.
So why haven’t Obama, Boehner, Reid and McConnell passed that bill?
The answer is hard to avoid: They want to raise the debt ceiling and borrow. Because if they don’t they’re going to have to cut a trillion dollars out of a $3 trillion budget. And that has no appeal at all to Obama or Boehner or Reid or McConnell. And the best justification for borrowing is scaring the willies out of everyone by saying the only alternative is Armageddon.
Armageddon
July 26, 2011/
Obama’s got just about everyone convinced we’re staring economic Armageddon in the face if we don’t raise the debt ceiling. John Boehner agrees, Mitch McConnell agrees and just about every TV pundit agrees.
But here’s what’s hard to figure out: Obama, Boehner, McConnell and Harry Reid could avoid Armageddon with one simple bill that says: We are going to pay the $200 billion in debt payments we owe each year first – before Congress spends the other $2 trillion flowing into the treasury. No default. No meltdown. No Armageddon. The debt holders would be safe and satisfied.
So why haven’t Obama, Boehner, Reid and McConnell passed that bill?
The answer is hard to avoid: They want to raise the debt ceiling and borrow. Because if they don’t they’re going to have to cut a trillion dollars out of a $3 trillion budget. And that has no appeal at all to Obama or Boehner or Reid or McConnell. And the best justification for borrowing is scaring the willies out of everyone by saying the only alternative is Armageddon.