[...]The political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy.
[...]It appears that for now, new revenues have dropped down on the menu of policy options.
[...]The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.
[...]Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.
Eric, that's probably true. I just read an article and it looks like S&P have been teeing this up for months with contradictory reasons, none of which were very good.
I agree with Paul about the 14th Amendment. The Repubs have just prolonged the recession and may even have moved us into depressionville. But at least they have a slightly higher chance of taking back the White House.
5 comments:
That was pretty much going to happen anyway.
Some quotes:
[...]The political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy.
[...]It appears that for now, new revenues have dropped down on the menu of policy options.
[...]The act contains no measures to raise taxes or otherwise enhance revenues, though the committee could recommend them.
[...]Compared with previous projections, our revised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.
Even without the Republicans acting like asshats, Congress wasn’t going to pass anything that would have made S&P happy.
Eric, that's probably true. I just read an article and it looks like S&P have been teeing this up for months with contradictory reasons, none of which were very good.
I agree with Paul about the 14th Amendment. The Repubs have just prolonged the recession and may even have moved us into depressionville. But at least they have a slightly higher chance of taking back the White House.
Scumbags.
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