> The Republicans, essentially holding veto power, play a cynical, ideological game with our economy. The Democrats, as always, weakly ask for compromise, offering to “cut spending, military, tax breaks for corporate jets & hedge-fund managers, cut aid to poor & unlucky.”
> Wall Street Journal:
…Meanwhile, some 470 executives—including the chief executives from Alcoa Inc., DuPont, Citigroup Inc. and Procter & Gamble Co.—released a letter to the president and Congress urging them to raise the debt ceiling…
…the U.S. Chamber of Commerce, National Association of Manufacturers, and Financial Services Forum have spent months in briefings with lawmakers warning about default…if the U.S. government’s bond rating were downgraded from Aaa to Aa, it could shave 1% off the gross domestic product and cost at least one million jobs. “Now is the time for our political leaders to act,” the executives wrote.
> “What Republicans are really interested in doing is cutting the welfare state. That’s why they’re opposed to any increase in taxes, even though the biggest single driver of the deficit is the Bush tax cuts, which Republicans overwhelmingly supported.”
…Obama returned to this theme in the talks, saying everyone is being asked to sacrifice except rich people. The Republicans repeated their belief that any tax increase would damage the fragile economy.
…The speaker also reinforced his original demand in the talks, saying: “The House can only pass a debt limit with spending cuts larger than a hike in the debt limit, as well as real restraints on future spending.”
hot on elephant
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