Treasury, Fed, Struggle to Define a Post-Debt Limit Future

By: Thursday July 28, 2011 7:35 am

The Treasury Department at least has to make a contingency plan for what to do in the event that the debt limit is reached. They have very few options that are legal, and the legal options, like minting a trillion-dollar coin with Ronald Reagan’s picture on it (because who would claim that a Reagan coin [...]

Boehner Thinks It’s a Good Time for Symbolic Balanced Budget Amendment Votes

By: Friday July 15, 2011 10:30 am

Putting aside Barack Obama for a second, where are the Republicans on the debt limit talks right now? We know Mitch McConnell’s position, essentially a surrender. But with the spending cuts and commission processes tacked onto it, it starts to look like a surrender in the other direction. No matter, though: Jim DeMint will work [...]

Tea Party Economics Not Playing Well With Reality

By: Thursday July 14, 2011 1:33 pm

I think what drove Mitch McConnell to offer up a surrender plan for the debt limit, and what prompted Republicans to go completely off the rails, is when President Obama played the Social Security card the other day, saying that he couldn’t guarantee that checks would be able to go out. This is a mathematical [...]

S&P: Payment Prioritization Would Draw a Debt Downgrade

By: Thursday July 14, 2011 8:10 am

It’s hard to deduce a unified Tea Party theory of the debt limit, but as far as I can tell, the story goes that, when the debt limit is reached, the government can simply prioritize payment to debt service and pick and choose who else to pay out of existing government revenue. This will force [...]

Treasury Has Limited Options to Deal With Failure to Increase Debt Limit

By: Thursday July 7, 2011 8:10 am

Until I see the words “we will agree to more revenue” coming out of a Republican’s mouth, I’m inclined to think that there’s a far greater chance of the debt limit being reached without agreement than this sudden, $4 trillion grand bargain that has returned to the headlines. Barack Obama and some excitable media types [...]

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