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The Senate Deal: What It Does

Here are the basics of the deal the Senate made and that the House will likely pass if it knows what’s good for it. Officials said the proposal called for the Treasury to have authority to continue borrowing through Feb. 7, and the government would reopen through Jan. 15. There was no official comment from […]

It’s okay, go ahead — enjoy the schadenfreude of the moment. Republicans engaged in a high-stakes game and they’ve lost, walking away with nothing. In the process, they’ve stokes the fires of their intra-party war, tanked already low approval ratings, and given a month of way-too-easy material to late-night comics. Even if Ted Cruz goes true […]

D-Day For U.S. And Boehner

D-day could stand for decision-day, default-day, or it’s traditional meaning, dooms-day.  Later today, the Senate will reach some kind of deal to avoid default and reopen the government.  Then, as I posted last month the defining moment of John Boehner’s term as Speaker of the House will occur: “Whether Boehner abandons the Tea Party and […]

The Republican refusal to keep the government open is having consequences that need to be more widely reported. For example: [A] new study, conducted for the Peter G. Peterson Foundation by Macreconomic Advisors, a private research firm with no obvious political leanings, attempts to tally the total impact of those political machinations on the U.S. […]

It doesn’t take a genius to know that defaulting on your bills is not good. But it helps when one weights in. Buffett said he thinks it would be absurd for American politicians to do anything to damage the country’s reputation for paying its bills that has been established over the past 237 years. “I […]

Senator Ted Cruz (pictured with his comrade-in-arms, Senator Mike Lee, is being blamed by his own Republicans for taking us to default. With the possibility of breaching the debt limit looking more and more plausible as House Republicans struggle to appease their caucus and come up with a plan to re-open the government and increase […]

It looks as if Senate leadership, following days of scrambling to put together a deal to reopen government and avert a default on the US debt, has the makings of an agreement. Majority Leader Harry Reid, D-Nev., and GOP leader Mitch McConnell of Kentucky could seal an agreement on Tuesday, just two days before the […]

If the debt limit isn’t raised by October 17, we go into default and stop paying bills. For example: October 17: The Treasury’s cash-on-hand drops to $30 billion, compared to daily payment needs that sometimes rise to $60 billion. It continues to receive tax and other revenue, so it can continue to pay most of […]

An unfortunate side effect of our democracy is that people with very little understanding of economics are sometimes put in the position of determining the course of the U.S. economy. That’s bad. What’s worse, though, is when someone with no common sense is put in there. Meet freshman Rep. Ted Yoho (R – FL): “I […]