...is that Republicans have walked away from talks designed to sink America even deeper in debt. The bad news is that they still agree, in principle, that America needs more debt. Which means they'll ultimately cut a deal that will be ignored by future politicians in the same way that current politicians ignore Gramm-Rudman*. While I'm not sure how the GOP will get out of the rhetorical corner into which they have painted themselves vis-a-vis tax increases and the debt-increase/spending cut ratio, I look forward to seeing how they do it.
Then again, I always was a sucker for magic shows.
* Hell, even Gramm and Rudman ignored Gramm-Rudman.
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The really bad news is that no one cares if they pass an increase in the debt limit since this administration is just going to do whatever the hell they want to no matter what the law is.
They are creating money to spend from thin air just by spending it. No budget needed. No debt limit needed. No spending authority bill needed.
There is that, yes. Maybe they can issue t-bills that are not debt in the same way that dropping bombs on Libyans is not hostilities.
Is it really debt if you never intend to pay it back?
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