Bruce Krasting is sure that the Smart Money on Wall Street is convinced that the debt ceiling will be raised. How smart is the “Smart Money”? I realize they’re playing with real money but sometimes I think they treat it as though it were Monopoly money.
Since the President’s speech last Friday it looks to me as though all of the players are still hurtling towards the precipice. The President is still insisting on a Grand Bargain and pushing off another political posturing festival on the debt until after the 2012 elections. This is being touted as adult but I sure don’t see it that way. Perhaps it’s small of me but I see raising the debt ceiling as more important than ensuring the President’s reelection and even infants can tell smaller things from larger things.
Adult would be abolishing the debt ceiling. A little less adult would be just raising the debt ceiling, period. Raising the debt ceiling as long as it doesn’t hold the prospect of hurting you politically, not so much.
Congressional Republicans seem to be taking the position of no taxes, no way, no how. And you can’t touch defense or homeland security. I disagree but that’s a debate worth having. I don’t think it’s a debate that’s worth having now. It’s something they might have thought about before appropriating the money that has created the need to increase the debt ceiling. Just raise the debt ceiling, already, and use the breathing space to debate reducing the deficit.
Congressional Democrats seem to be taking the position that entitlements are sacrosanct. There, too, I disagree but, again, that’s a debate worth having. It’s just not worth having now. If anybody can figure out how we can continue to let Medicare spending increase at the rate of 9% per year while the rest of the economy is flat on its back, I’m all ears. Just raise the debt ceiling, already, and use the breathing space to debate reducing the deficit.
There are no adults here.
