NFL owners have voted to waive league rules on debt ceilings, in order to allow the Falcons to borrow $850 million to construct their new stadium. The projected cost of the project has increased from $1 billion to $1.4 billion over the last two years. Read more...
Sen. Mitch McConnell may have promised to govern responsibly but the GOP's incoming House Budget chair, Tom Price, is eager to once again use the debt ceiling as a bargaining chip to exact deep budget cuts. From the Wall Street Journal: Republican...Show More Summary
It should have been a simple matter. Black and white. Not open to negotiation. Yet somehow, just like they did during the debt ceiling crisis that birthed the sequester, Democrats got played because the other side has convinced them that they'll destroy this village in order to save it. All Democrats had to say was: no. Show More Summary
Congratulations, America! You, or rather your elected officials, smashed through the $18 trillion ceiling last week, raising the United States government's total outstanding public debt to new heights and leaving shards of devalued greenbacks scattered around the place. Woo hoo. One decade ago, on December 1, 2004, the sum was a wussy $7.5 rillion. Show More Summary
Neil Irwin considers legislation that the GOP and Obama might agree on. A big first test: One way or another, the debt ceiling will need to be raised sometime in the first part of 2015 to prevent a government default, and deals will need to be made to continue funding the federal government without the […]
From NDD: A little post-election-day economic balm If Washington can simply manage to do absolutely nothing to the economy in the next two years, except to agree to pay already incurred debts (a/k/a lift the debt ceiling), then we are...Show More Summary
You might have thought that the debilitating arm-wrestle over the US debt ceiling was about as dismal as politics could get, but Texas Governor (and Republican presidential hopeful) Rick Perry demonstrates that it is possible to explore...Show More Summary
Tea Party leader's spoiling for another debt ceiling fight. It's a sign of worse things to come if GOP wins control
The GOP's business establishment talked openly about making conservative hardliners pay after tea partiers helped push Washington toward a debt ceiling crisis last fall. But that wave of Chamber of Commerce-funded primary challengers to conservative incumbents never materialized. Show More Summary
Kansas Republican Tim Huelskamp, a leader of the debt ceiling showdown, takes friendly fire.
Churlish hamster Grover Norquist nearly brought the U.S. to the brink of default three years ago, pressuring legislators with his "Taxpayer Protection Pledge" into a debt ceiling battle that was both dangerous and inane. This year, Norquist plans to attend Burning Man, which he sees as a stateless capitalist Utopia. Read more...
It has been previously demonstrated on this blog that “extremist” is the new favorite word of the Democrat party in North Dakota. If you believe that the debt ceiling should not be raised until something (anything) is done to bring federal spending under control then the Democrat party will be happy to inform you that...
Back in the summer of 2011 during the debt ceiling debacle, S&P did the unthinkable: it dared to speak the truth when it downgraded the US from its pristine AAA rating, setting off a stock market selloff and paradoxically sending bonds to record low yields. Show More Summary
Considering her husband's death, his enormous debt and her (albeit brief) thoughts about taking her own life, therapy is probably not the worst idea for Ceil Engel on Working the Engels. In this exclusive sneak peek from Thursday's episode...Show More Summary
David Perdue has released yet another television ad attacking Jack Kingston, this time regarding the $13 trillion dollars debt ceiling increase since his time in office and what it means to be a conservative (because he knows??). Take a look for yourself and take note of the extremely awkward silence after “That’s not what conservative […]
Photo by Karen Bleier/AFP/Getty Images Editor’s Note: Several months ago, the debt ceiling was big news. Would Congress vote to raise America’s borrowing limit or let America default on expenses already incurred? The House finally approved...Show More Summary
I wrote several posts about the "debt ceiling" debate in 2011 and again in 2013. Unfortunately "debt ceiling" sounds virtuous, but it isn't - it is actually a question of "paying the bills". And I've always argued that Congress would "pay the bills". Show More Summary
If you’re wondering why a college economics professor would criticize someone for raising the debt ceiling, it’s because Brat is what we’d call a “special” economics professor. He’s the director of something called the “BB&T Moral Foundations of Capitalism” at Randolph-Macon College, funded by a rich nutter who doesn’t think...
House Majority Leader Eric Cantor's stunning loss Tuesday night to Tea Party-aligned challenger Dave Brat figures to embolden grassroots conservatives on multiple fronts. Deal-making is out. Immigration reform is dead, at least this year. Show More Summary
1) Just astounded. Every time the twitchy GOP caucus wanted to run off on some suicidal gambit like the debt ceiling default, it was Eric Cantor’s job to ask everyone to think about the party. If anything he acted like the Tea Party’s advocate against John Boehner whenever doing so did not spell imminent party [Read more...]