The Debt Ceiling Circus: The Show Must Go On
Rather than resolving the debt crisis, lawmakers’ 11th-hour deal to raise the debt ceiling, which threatened to push the global economy over the edge, simply delayed it. Financial Times chief economics commentator, Martin Wolf, tells Bill Moyers the U.S. debt ceiling is “the legislative equivalent of a nuclear bomb aimed by the U.S. at itself.”
“I think [President Obama] is right that this is not a weapon that should be used,” Wolf tells Moyers of the debt ceiling. “My own view is that the debt ceiling should be eliminated.”
— Posted by Alexander Reed Kelly.
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