Category Archives: Debt Ceiling

Politics as the Art of Spurning Compromise

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It may take a bigger gavel for House Budget Committee Chairman Paul Ryan (R-WI) and his Senate counterpart Patty Murray (D-WA) to hammer out a budget agreement. (Credit: Swampland Times)

It may take a big­ger gav­el for House Bud­get Com­mit­tee Chair­man Paul Ryan (R‑WI) and his Sen­ate coun­ter­part Pat­ty Mur­ray (D‑WA) to ham­mer out a bud­get agree­ment. (Cred­it: Swamp­land Times)

Bud­get nego­tia­tors have strug­gled for near­ly two months to find agree­ment on the out­lines of a spend­ing bill that would fund the gov­ern­ment after Jan­u­ary 15.  The tar­get date for a deal is next Fri­day. They hope to meet it.

The agree­ment that con­tin­ues to elude them, if it comes at all, would be a small one. Gone are aspi­ra­tions for a “grand bar­gain” that would reform enti­tle­ments and the tax code and replace future across-the-board cuts with some­thing less mind­less. Changes to Medicare, Med­ic­aid, Social Secu­ri­ty and oth­er “manda­to­ry” spend­ing pro­grams, which togeth­er con­sti­tute 63 per­cent of non-inter­est gov­ern­ment spend­ing, are off the table.  So, too, are tax­es. Con­tin­ue read­ing →

Could A Wealth Tax Solve the Problem of Government Debt?

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A recent IMF report suggests that this man's enormous wealth might help resolve the government's debt problem. [Credit: NY Post]

A recent IMF report sug­gests that this man’s enor­mous wealth might help resolve the gov­ern­men­t’s debt prob­lem. [Cred­it: NY Post]

The Inter­na­tion­al Mon­e­tary Fund (IMF) recent­ly report­ed that Euro­pean gov­ern­ments could reduce their debt back to pre-Great Reces­sion lev­els by con­fis­cat­ing 10 per­cent of the wealth held by their rich­est cit­i­zens. IMF isn’t rec­om­mend­ing that, of course.

They’re just sayin’. Con­tin­ue read­ing →

In Washington, All Is Well

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The faces of Congressional leaders are hardly etched with joy, but they did manage to avert a fiscal crisis, even if only for a few months. [Credit: Bloomberg]

The faces of Con­gres­sion­al lead­ers are hard­ly etched with joy, but they did man­age to avert a fis­cal cri­sis, even if only for a few months. [Cred­it: Bloomberg]

Octo­ber 16, 2013, 6:00 am

All is well in Wash­ing­ton. The gov­ern­ment is spend­ing and bor­row­ing again. Con­tin­ue read­ing →

Republicans Should Join Democrats in Impeding Obamacare Implementation

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Media reports indicate that Senate Majority Leader Harry Reid (D-NV) and Republican Leader Mitch McConnell (R-KY) are nearing an agreement on temporarily funding the government and increasing its borrowing authority. [Credit: Huffington Post]

Media reports indi­cate that Sen­ate Major­i­ty Leader Har­ry Reid (D‑NV) and Repub­li­can Leader Mitch McConnell (R‑KY) are near­ing an agree­ment on tem­porar­i­ly fund­ing the gov­ern­ment and increas­ing its bor­row­ing author­i­ty. [Cred­it: Huff­in­g­ton Post]

Octo­ber 14, 2013, 7:15 am

Sen­ate lead­ers are report­ed­ly clos­ing in on a deal that would both fund the gov­ern­ment and restore its bor­row­ing author­i­ty for a few months. The deal report­ed­ly con­tains two changes to the health care law, one pro­posed by Repub­li­cans, the oth­er by Democ­rats. The pro­vi­sion backed by Repub­li­cans is polit­i­cal­ly mis­guid­ed, unwork­able and would do lit­tle to impede the law’s imple­men­ta­tion; the pro­vi­sion backed by Democ­rats, by con­trast, appears to com­pli­cate imple­men­ta­tion of a law whose launch has so far not gone smooth­ly. Repub­li­cans who oppose Oba­macare should join Democ­rats in seek­ing changes that would dam­age its imple­men­ta­tion. Con­tin­ue read­ing →

Republicans Getting Deficit Reduction, But President Getting His Way

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The President and Speaker are headed for another budget confrontation. [Credit: Fox News]

The Pres­i­dent and Speak­er are head­ed for anoth­er bud­get con­fronta­tion. [Cred­it: Fox News]

Con­gress is on hol­i­day, rest­ing up for the next round of bud­get wars that will resume after Labor Day. The issues they will face when they return are famil­iar: the fed­er­al gov­ern­ment is about to lose author­i­ty to do what it does best (or, at least, most nat­u­ral­ly) – bor­row and spend. Con­tin­ue read­ing →

Economic Inequality Not Obama’s Fault

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The "Occupy Wall Street" demonstrations are a distant memory, but the economic disparities they decried still persist. [Credit: ABC News]

The “Occu­py Wall Street” demon­stra­tions are a dis­tant mem­o­ry, but the eco­nom­ic dis­par­i­ties they decried still per­sist. [Cred­it: ABC News]

Pres­i­dent Oba­ma has a new plan to revi­tal­ize the mid­dle class.  It almost cer­tain­ly won’t work, but that almost cer­tain­ly isn’t his fault.  Con­tin­ue read­ing →

John Feehery Guest Post: Leaders and Followers

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Photo of John Feehery


John Fee­hery is pres­i­dent of Quinn Gille­spie Com­mu­ni­ca­tions and spent 15 years work­ing in the House Repub­li­can lead­er­ship. He blogs at www.thefeeherytheory.com

At my gym, they put lit­tle inspi­ra­tional quotes up on the wall to get you to work out hard­er (that’s the the­o­ry, at least).

“Lead, fol­low, or get out of the way,” was last Tuesday’s quote, attrib­uted to the Marine’s hand­book, which was a rev­e­la­tion to me. I always thought that Lee Iacoc­ca was the man who first said that mem­o­rable phrase when he was try­ing to fix Chrysler.

This quote must haunt Con­gres­sion­al Repub­li­cans on both sides of the Capi­tol dome. Con­tin­ue read­ing →

David Stockman sez we’re all gonna die! He’s wrong. Right?

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Showtime's Savanarola from The Borgias

Show­time’s Sava­naro­la from The Borgias

Sea­son 3 of The Bor­gias pre­mieres on Show­time this Sun­day . For those not yet ensnared in this addic­tion, the series tells the sto­ry of Renais­sance Pope Alexan­der VI, one of the papacy’s most dev­il­ish­ly inter­est­ing char­ac­ters. Show­time takes the usu­al Hol­ly­wood lib­er­ties with his­to­ry, though Alexan­der, born in Spain as Rodri­go de Bor­gia, led a life that needs no embell­ish­ing. Con­tin­ue read­ing →

Debt Ceiling without Legislation

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Sen­ate Demo­c­ra­t­ic lead­ers yes­ter­day called on the Pres­i­dent to “take any law­ful steps” to increase the government’s bor­row­ing author­i­ty “with­out Con­gres­sion­al approval, if nec­es­sary.” The let­ter, signed by Sen­a­tors Reid, Durbin, Schumer and Mur­ray, does not spell out what those “law­ful steps” might be, but instead sim­ply asserts that the Pres­i­dent needn’t obtain Con­gres­sion­al autho­riza­tion to incur unlim­it­ed debt. He can act unilaterally.

That is, so far as I know, a nov­el asser­tion and one that is poten­tial­ly quite dan­ger­ous. It also has scant con­sti­tu­tion­al back­ing. Con­tin­ue read­ing →