Local newspaper Editorial—Hope amid a debt debacle

Posted by Kendall Harmon

Tea Party activists in and out of office, including 1st District Rep. Tim Scott, have been demanding more spending-cut assurances than House Speaker John Boehner can deliver on the debt accord. They should realize that with Democrats still controlling both the Senate and White House, they can't get everything they want this time around.

Tea Party folks also should realize that unless the debt ceiling is raised in time, the immediate bottom-line consequences could include a federal default and U.S. credit-rating downgrade.

Of course, even with a debt deal, the nation still faces serious financial risks -- including a credit-rating demotion. Fortunately, next year's presidential and congressional elections will give voters another chance to send the message that Washington can't keep spending so far beyond our means.

Read it all.

Filed under: * Economics, Politics • Economy • Consumer/consumer spending • Corporations/Corporate Life • Credit Markets • Currency Markets • Stock Market • Taxes • The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- • The U.S. Government • Budget • Medicare • Social Security • The National Deficit

5 Comments
Posted July 30, 2011 at 9:31 am [Printer Friendly] [Print w/ comments]



1. jkc1945 wrote:

“Fortunately, next year’s presidential and congressional elections will give voters another chance to send the message that Washington can’t keep spending so far beyond our means.”
And OH, how I hope we do that.  But I have little faith in the American electorate;  first of all, so few of us actually go to the polling place;  secondly, we are very sincere in our individual beliefs that everyone else should have to take the hits, but not me - - and not my district.  MY congressman should still be expected to send the pork back here, but the others should be prepared to cut.
In short, it really is as Pogo said it was:  “We have met the enemy, and he is us.”

July 30, 1:29 pm | [comment link]
2. Br. Michael wrote:

It is now clear that Obama and the Democratic party have every intention of forcing a debt crisis.  If the failure to raise the debt ceiling were so critical they could have accepted the House plan.  Since it is not critical the House should continue to refuse the raise the ceiling.

July 30, 1:43 pm | [comment link]
3. Jim the Puritan wrote:

I’ve been persuaded from what I’ve now seen the Tea Party is right.

July 30, 2:18 pm | [comment link]
4. Dan Crawford wrote:

Hope? With ideologues controlling the congress? Hope? With politicians?

July 30, 2:22 pm | [comment link]
5. Br. Michael wrote:

I fairness to the politicians I think they accurately reflect their constituencies.  What that means is that the body politic is seriously divided.  Perhaps as seriously divided as it was in the 1850’s.  It’s just not concentrated into regional sections.  We no longer share a common worldview or national vision.

July 30, 2:45 pm | [comment link]
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