Debt ceiling and self inflicted wounds

Congress must pass a clean debt ceiling hike.  This is the real big one.

Don’t worry about October, and the spending bill.  Failure to pass the spending bill means essential government services are shut down.  There will be a lot of press coverage, and blaming who’s at fault.   Holding up the bill because of Planned Parenthood non-scandal, is silly.

Failure to raise the debt ceiling is catastrophic.  It might happen.  It means the US refuses to pay for spending already authorized by Congress.  Many economists have said debt ceiling authorization shouldn’t exist and doesn’t exist in almost all countries.

The failure to raise the debt ceiling will result in the lowering of US credit, a disaster for business and crashing stock market.

The change out of the Speaker of the House on Oct 30 has been worried.

If it does happen,  it is the fault of the Republicans.  And it is supremely dumb.

Stay tuned,

David Lord

 

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