Quote of the Day
Posted in Main Blog (All Posts) on November 15th, 2010 5:40 am by HL
Quote of the Day
“It’s definitely one big cable buy. When Governor Romney was talking about running for president, he had sent out a DVD where he was sledding in Utah with the family, talking about whether he would run or not, and everybody was baking cookies and hanging out. The difference is she has a production company willing to foot the bill for it.”
— GOP strategist Terry Sullivan, quoted by the Daily Beast, on Sarah Palin’s new reality television show.
What if Congress Doesn’t Raise the Debt Limit?
With Republican control of the House and a larger number of “tea party” members in the Senate, many are wondering and worrying about what it means if Congress fails to raise the debt limit next year. Josh Barro doesn’t think it would mean very much at all, noting that “the Administration could muddle through for months (or possibly even years) by using accounting gimmicks and clever cash management strategies to stay within the current debt limit.”
“Partly, it would do this by mimicking the strategies of state governments that find themselves entering a new fiscal year without a balanced budget and without authorization to borrow for deficit spending. While it would be unusual for the federal government to face a stack of bills due with no authorization to borrow to pay them, states face this situation on a fairly regular basis and handle it in ways that might give us heartburn but do not cause the world to come crashing down.”
