by “Bungling The Debt Ceiling,” EconoSpeak, Barkley Rosser It looks like Sen. Chuck Schumer (D-NY) is bungling the matter of raising (or suspending) the debt ceiling, coming due in mid-October supposedly. He could have tied it to reconciliation in August, but decided not to, intent on getting GOPster on board with participating in doing it. But Sen. McConnell (R-KY) is having none of it, and even though Schumer thought he had them by tying it to a continuing resolution to keep the government going past Sept. 30, well, McConnell is not going along, nor are any of his colleagues, with maybe one exception, Sen. Kennedy of Louisiana who wants money for dealing with the effects of Hurricane Ida. Anyway, it looks like McConnell is just fine with some
Topics:
Barkley Rosser considers the following as important: Barkley Rosser, econospeak, Hot Topics, Taxes/regulation, US/Global Economics
This could be interesting, too:
NewDealdemocrat writes Retail Real Sales
Angry Bear writes Planned Tariffs, An Economy Argument with Political Implications
Bill Haskell writes Funding Public Goods Problematic??? Blame the Tax-Dodging Billionaire
NewDealdemocrat writes Looking at Five Long Leading Indicators
“Bungling The Debt Ceiling,” EconoSpeak, Barkley Rosser
It looks like Sen. Chuck Schumer (D-NY) is bungling the matter of raising (or suspending) the debt ceiling, coming due in mid-October supposedly. He could have tied it to reconciliation in August, but decided not to, intent on getting GOPster on board with participating in doing it. But Sen. McConnell (R-KY) is having none of it, and even though Schumer thought he had them by tying it to a continuing resolution to keep the government going past Sept. 30, well, McConnell is not going along, nor are any of his colleagues, with maybe one exception, Sen. Kennedy of Louisiana who wants money for dealing with the effects of Hurricane Ida. Anyway, it looks like McConnell is just fine with some economy-damaging crash, which may help GOP next year.
I really do not see why Schumer did not see this one coming. I think he thinks a year from now people will be remembering it was the naughty GOP that crashed the economy rather than the Dems doing so by mismanaging things. People are not that smart. He needs to keep the economy going, and we know the voters do not give a phoo about deficits or the debt unless they see the economy not doing well, which a GOP crashing of the ceiling raise could bring about. He needs to bite the bullet and get this into the Reconciliation, although apparently now it will take some time for reasons I do not understand, and we may get a short government shutdown before it can be done. Bungling on this one. GOP is now totally irresponsible and nihilistic.
Barkley Rosser