Washington lawmakers finally reached a deal to re-open the government just hours before the debt ceiling deadline, but Mayor Michael Bloomberg isn’t celebrating yet.
“All of what they’re talking about is simply kicking the can down the road,” Mr. Bloomberg told Politicker this afternoon.
dollar dollar bill y'all
Gov. Andrew Cuomo sounded the alarm bells over a potential federal default today, which he said would come with a price tag of as much as $2 billion in lost revenues for New York State alone.
Senator Chuck Schumer on Friday accused Republican lawmakers of holding the country “hostage” and predicted they’d lose a looming fight over the debt ceiling and government funding.
It would almost seem that the stars had finally aligned. After weeks of stalled talks and contentious meetings between House Republicans and Democrats that escalated into a public spat between Speaker John Boehner and President Obama, a bill finally made it through the House and into the Senate, where it was speedily approved Tuesday morning Read More
With the nation’s credibility in international bond markets propped upon the razor’s edge, reports emerged from Washington over the weekend detailing a budget compromise between the Obama administration and Republican Party leaders. At the time of the writing of this column, it now appears that a last-minute accord will be brokered and passed into law to increase the federal debt limit, ensuring that America’s creditors will be paid.
While an interim agreement on the budget and debt limit stave off the immediate crisis–in large part by postponing efforts to tackle entitlement spending–the handling of the issue raises legitimate questions about the efficacy of the legislative process and legislators’ readiness to balance dogmatism with rational compromise. That Washington has redoubled as a source of broader market uncertainty rather than a normalizing influence is deeply inauspicious at this juncture in the recovery.
State Comptroller Thomas DiNapoli hasn’t delivered much in the way of good news since taking over from Alan Hevesi, who resigned in disgrace in 2006. But the other day, the man who keeps the state’s books and watches over its pension funds had reason for a slight smile. New York, he announced, collected some $800 Read More
President Barack Obama and House Speaker John Boehner made their pitches to the American public on Monday night. Both men made valid points. Both men engaged in political posturing.
It’s time for them to stop talking to us and to engage each other in the spirit of cooperation that the President cited in his presentation. Read More