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View Diary: There is no debt crisis. There should be no debt ceiling deal for the GOP. (9 comments)

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  •  Are 2 different debt issues being confused here? (0+ / 0-)

    1.  The magnitude of national debt that some say is a crisis (refuted in the charts).

    2.  The crisis that would occur if the US governement failed to meet its debt obligations that could dramatically impact interest rates which would, in turn, strangle the economy.

    •  If the U.S. Debt Ceiling is Not Raised... (1+ / 0-)
      Recommended by:
      Thomas Twinnings

      ...then the United States (and the global economy) will suffer a cataclysm as even John Boehner, Paul Ryan and Lindsey Graham have admitted.  For more details on what that would look like, visit here.

      That WOULD BE A CRISIS.

      Our current level of national debt, however, is not. Over the next few years, it does not require spending cuts or changes to programs like Medicare or Social Security.  That is why the GOP proposal (short-term debt ceiling hike in exchange for more spending cuts to be negotiated) is a lousy deal that should be rejected.

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