Day: April 13, 2011

Ideal Framework

Ygleisas dares to dream about the “ideal negotiating framework” for the debt ceiling:

White House demands clean debt ceiling increase, House majority demands big spending cuts, Senate majority demands partial repeal of Bush tax cuts, and we all compromise on just doing the damn debt increase.

That would be nice. But it would also require non-feckless Democrats in the Senate. Which, so far as I can tell, do not exist.

But, since the plutocrats and banksters seem to realize they’ve got skin in this game, maybe we can just cut some insanely rich people’s taxes, raise the debt ceiling, start a fourth war (I’m thinking Spain is due), and call it a day.

His Master’s Voice

The people actually in charge of Our One True Plutocracy seem to be getting antsy:

House Speaker John Boehner (R-Ohio) has had conversations with top Wall Street executives, asking how close Congress could push to the debt limit deadline without sending interests rates soaring and causing stock prices to go lower, people familiar with the matter said.

[…]

The Wall Street executives say even pushing close to the deadline — or talking about it — could have grave consequences in the marketplace.
“[GOP leaders in Congress] don’t seem to understand that you can’t put everything back in the box. Once that fear of default is in the markets, it doesn’t just go away. We’ll be paying the price for years in higher rates,” said one executive.

Nothing some massive tax cuts couldn’t paper over, right?

His Master’s Voice