Obama's Offer on the Debt Ceiling is a No-Brainer
Posted at noon on Nov. 30, 2012
Many have noted that amid the intense focus on the “fiscal cliff,” there is one problem that makes a final deal even more difficult: the debt ceiling is set to expire in early 2013. Jonathan Weisman looks at President Obama’s proposal to permanently end debt ceiling crises.
“Mr. Geithner proposed permanently ending Congressional purview over the federal borrowing limit, Republican aides said. He said that Congress could be allowed to pass a resolution blocking an increase in the debt limit, but that the president would be able to veto that resolution. Congress could block a higher borrowing limit only if two-thirds of lawmakers overrode the veto.”
Joe Weisenthal: “the #1 thing that lawmakers could do to improve US fiscal prospects is eliminate the debt ceiling… There’s only one counterargument: The debt ceiling provides a nice opportunity to take stock of the nation’s finances. It’s a good tradition to have in place.”
“This is why Tim Geithner’s new proposal is so brilliant… This almost completely prevents a debt ceiling crisis ever again, while keeping the ceremonial aspect that people like. There would still be votes, but they’ll mainly serve as a way to let politicians play politics, without putting anything at risk.”