Salon.com > Tim Geithner http://www.salon.com Wed, 19 Jun 2013 02:24:51 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Kill the debt ceiling once and for all! http://www.salon.com/2012/12/04/kill_the_debt_ceiling_once_and_for_all/ http://www.salon.com/2012/12/04/kill_the_debt_ceiling_once_and_for_all/#comments Tue, 04 Dec 2012 16:17:00 +0000 http://www.origin.railrode.net/?p=13114319 The American Prospect There are a number of strange aspects to the negotiation/maneuvering/posturing now taking place between the White House and congressional Republicans about the Austerity Trap (a.k.a. fiscal cliff), but one that hasn't gotten much attention is the disagreement over the debt ceiling. As part of their initial offer, the White House included something I and other people have been advocating for some time: Just get rid of the debt ceiling altogether. The Republicans, particularly in the House, don't seem to be interested. But we should take a good look at how crazy their position on this issue is.

In an ordinary negotiation, each side has things it wants, while it dislikes some or all of the things the other side wants. A union wants higher wages for its workers, while the company doesn't want to pay the higher wages. You'd rather have your partner do the laundry while you do the dishes, but your partner doesn't like doing the laundry either. The White House wants to increase taxes on the wealthy, which Republicans don't like, while Republicans want cuts to social programs, which the White House doesn't like.

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