Thursday, April 28, 2011

Donald Trump said...

Just kidding, this isn't about the Donald--as amusing as he can be--rather something we touched on a while ago: the debt ceiling. We're getting close to the limit, Congress is going to vote soon to raise it, that vote will be unpopular and there will be a fight over whether to add conditions or not.

The Congressional Research Service released a report today about what might happen in the limit is reached.

The report is long, complicated, a little scary, and pretty dull. Dave Weigel, a Slate blogger formerly of the Washington Post summarized the report.
The prediction: unprecedented difficulties and structural crises, possible Treasury emergency moves, problems with entitlement payments. The usual
Weigel's pithy summary indicates at least two facts: first, there is an appetite for somewhat wonky news, and second, even that market likely prefers short pithy analysis.

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