Exactly How Much Do Republicans Love [Hate] America?
Europe is crumbling. China is slowing. The Federal Reserve is dithering. Yet the biggest threat to the emerging U.S. economic recovery may be Congress.
John Boehner, the leader of the House Republicans, has promised yet another fight with the White House over the debt ceiling — the limit Congress has placed on the amount the federal government can borrow.
If this sounds familiar, it’s because we suffered through an identical performance last summer. Our analysis of that episode leads to a troubling conclusion: It almost derailed the recovery, and this time could be a lot worse.
Sometime around the end of this year, the federal government will bump up against its $16.4 trillion borrowing limit, as a direct result of spending and tax laws enacted by Congress. To raise the limit, legislators must pass a separate law. In principle, the extra level of approval can serve as a useful mechanism, forcing Congress to debate its priorities. But refusing to raise the limit wouldn’t free the government of its existing spending obligations. Rather, it would leave the government with no choice but to default on its debts. (more)
This is a MUST!!! read article from Bloomberg.
My comment: Boehner please do not do this to us again. Lots of people cannot afford to have you firebomb the economy again even it might help you argue that the economy is not improving.
Short URL for this post: http://tmblr.co/Zg-bnxMQSm6x