This graphic was in the NY Times a couple of days ago. The original source is the Congressional Budget Office and the Center on Budget and Policy Priorities (I’ll bet you those guys are fun at a party). I saw it from a Twitter post from John Doerr via Chip Hazard.
Like many of you, I assume that Washington will figure out a way to raise the debt ceiling and avert a financial crisis. The cost of not acting is just too high. The President’s speech last night and the rebuttal from the House Speaker did little to comfort the average American. I would label them “I know you are but what am I?” speeches with the focus on the blame-game – not on finding a solution. Some people wonder why Washington is so polarized with partisan bickering. The answer seems obvious to me – the country is polarized. These are very difficult decisions including cuts to the budget-busting entitlement programs (Social Security and Medicare). The deadline is an opportunity to force consensus. If you’ve ever tried calling one of my clients at quarter-end, you’ll know that deadlines inspire people to action. It’s messy but it works. To quote Bob Fleming, “The size of the hangover is directly proportional to the fun at the party last night.” This hangover is going to hurt but we’ll get through it. Is there any other option? Maybe now that the NFL strike is over, Robert Kraft could stop by DC to fix that pesky budget debate.
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