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.

Moyers & Company:

 Wait, before you go…

If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface.  We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.

Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.

Support Truthdig
In this Article:
#bill moyers#debt ceiling#debt crisis#financial times#government shutdown