Raise the debt ceiling today
They sure can talk, those glib blabbermouths in Washington. They have talked for months about a big budget deal, all in the interest of securing our economic future.
What do we have to show for all of this talk? Nothing. Less than nothing. Today, we stand on the edge of the abyss, seemingly further from a deal than at any time.
House Speaker John Boehner waited until after the markets closed Friday before announcing that he had walked away from the negotiating table. But what does he expect to happen when the markets open tomorrow morning? He continues to promise a deal before the August 2 deadline, but Wall Street reacts to action, not talk.
Tragically, they should forget about a budget deal at this point. Raising the debt limit is the only thing that matters. If there were any doubt about the impact of a U.S. default on the global economy, look no further than the tiny country of Greece. The mere threat of a Greek default has sent all of Europe into economic crisis.
A U.S. default would be devastating. The danger is real. Signing into law a global budget deal to “secure” our economic future after a default would be closing the barn door after all the cows were teats-up in the river.
We understand that these types of negotiations are a product of the design of the U.S. Constitution. We understand that, much in the way most lawsuits settle on the eve of trial, it is human nature to stretch negotiations to the last possible minute. This is the way Washington works. We get all that.
But this last-minute gamesmanship is doing real harm.
Stop talking and get this deal done. Today.