Monday, August 1, 2011

Obama Surrenders

Obama Surrenders

Paul Krugman says the deal reached last night to raise the nation's debt ceiling "is a disaster, and not just for President Obama and his party. It will damage an already depressed economy; it will probably make America's long-run deficit problem worse, not better; and most important, by demonstrating that raw extortion works and carries no political cost, it will take America a long way down the road to banana-republic status."

Jonathan Chait: "Once it had agreed to negotiate a ransom payment, the administration was left with a series of bad options."

Robert Reich: "Anyone who characterizes the deal between the President, Democratic, and Republican leaders as a victory for the American people over partisanship understands neither economics nor politics."

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