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Peter Schiff - Doing Away with Debt Ceiling Drama



December 03, 2012 – Comments (2)

Treasury Secretary Timothy Geithner made news last week by proposing to transfer the Congressional prerogative to raise the debt ceiling to the President. The change would essentially do away with the meaningless debt ceiling debates that have become ritual kabuki in Washington over the past few generations. Most Republicans have dismissed the proposal as a blatant executive power grab that will significantly weaken both the Congress and the minority party. While this is certainly true, Congress will only lose a power that it has never shown the slightest courage to actually use. But in truth, the proposal has the merit of refreshing honesty. By telling U.S. taxpayers, and the world in general, that the U.S. government has no intention of ever balancing its budget or limiting its accumulation of unsustainable debt, then perhaps we can begin to have an honest discussion about our economic future.

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2 Comments – Post Your Own

#1) On December 03, 2012 at 7:57 PM, kdakota630 (28.78) wrote:

Sound isn't as good as usual, but anyway...


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#2) On December 04, 2012 at 7:28 PM, ChrisGraley (28.45) wrote:

yeah, or just take down the stars and stripes and hang a white flag. I think we've come too far to really fix anything at this point anyway.

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