Our global economy may suffer severe consequences in part because lawmakers were given a deadline they chose — on a hunch — not to believe. (via MaddowBlog)
Shortly before House Republicans approved their debt ceiling hostage note, Rep. Tim Burchett came out of a GOP caucus meeting and told reporters not to worry too much about the United States defaulting on its debts. Asked why not, the Tennessean, the Treasury Department had already told Congress that the deadline — the so-called “x-date” — will likely arrive in June, but there was Burchett, expressing confidence that the “actual” deadline is still months away.
. The cabinet secretary, pointing to “inherently variable” federal receipts and outlays, added that the actual deadline could slide to “a number of weeks later.”about the Treasury secretary’s letter, “Nobody believes her. I don’t believe her. I’m not saying she’s a liar, I’m just saying Janet Yellen is no longer an economist and a professor — she’s a politician.”
It’s unclear how Kennedy arrived at this. By all appearances, the GOP senator seems to have just guessed. If he and his Republican brethren are wrong, and Yellen is right, the global economy will suffer severe consequences in part because GOP lawmakers were given a deadline they chose — on a hunch — not to believe.
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