He notes that the debt limit ceiling has to be raised, which is true; the consequences of not raising the debt limit ceiling are truly too awful to contemplate. If a comprehensive deal cannot be reached in order to raise the debt limit ceiling, I would hope and expect that the Obama Administration will take Clinton’s advice to reach a short-term debt ceiling deal, and continue to work on crafting a longer term deal that will finally bring any regime uncertainty to an end regarding this issue.
But I also agree with the following:
To a much greater extent than Obama, Clinton said any long-term deficit reduction plan should be based on the plan proposed last fall by the bipartisan deficit commission chaired by Democrat Erskine Bowles and Republican Alan Simpson.
Though Obama appointed the commission, he has never fully embraced its proposals. Clinton on Saturday, however, said that “the Democrats do have a responsibility to either embrace the approach recommended in the Bowles-Simpson commission or some variation thereof.”
The Obama Administration, frankly, doesn’t get enough criticism for its decision to (a) appoint a special bipartisan deficit commission; and (b) ignore all of that commission’s recommendations. It’s hard to see how it can be taken seriously on fiscal policy issues until it finally decides to face up to, and honestly grapple with the deficit commission’s recommendations.