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McConnell: The debt ceiling will not be clean anymore [View All]

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cal04 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Aug-02-11 04:55 PM
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Ezra Klein

The most honest man in Washington did some more truth-telling on CNBC last night. Speaking to Larry Kudlow, Mitch McConnell made perfectly clear that the hostage situation we just went through wasnt a one-shot deal. Its the new normal:

What we have done, Larry, also is set a new template. In the future, any president, this one or another one, when they request us to raise the debt ceiling, it will not be clean anymore. This is just the first step. This, we anticipate, will take us into 2013. Whoever the new president is, is probably going to be asking us to raise the debt ceiling again. Then we will go through the process again and see what we can continue to achieve in connection with these debt ceiling requests of presidents to get our financial house in order.

Previously, Ive compared the debt ceiling to a bomb ticking away at the base of the economy. We dont much notice it because its always been there and, despite a couple of close calls, its never gone off. But that doesnt mean it wont ever go off. Particularly if these sorts of showdowns become the norm.

Hearing McConnells comments last night, economist Jared Bernstein was shocked. This is not the way of great nations, he wrote. I disagree. The political system that doesnt modernize and eventually finds its vulnerabilities exploited by interest-group pressure, internal divisions and reckless politicians? This is certainly the way of great nations. Its the way they fall.
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