Debt ceiling magic

posted by
August 4, 2011
by Timothy J Taylor  
Posted in Commentary

"OK, so that resolves the debt ceiling problem for a short while; the government can keep right on borrowing; but what about the other side of the crisis equation -- spending -- the cursed demon that got us into this financial mess? ... All we know about possible spending cuts is that the politicians say they plan to cut $2.1 trillion in the future; not now, but over the next 10 years! There will be no spending cuts now. And the so-called planned future 'cuts' will come from projected spending increases over the next decade." (08/04/11)  

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