Um, We Really Need to Raise That Debt Limit Ceiling

by Pejman Yousefzadeh on July 13, 2011

Deficit hawks–like me–highlighted it when Standard & Poor’s came out and said that the United States was in danger of losing its triple A credit rating if we didn’t get our fiscal house in order, and soon.

So, it is only fair to note that Moody’s has also come out and said that the United States is in danger of losing its triple A credit rating if we don’t raise the debt limit ceiling, and soon.

I know that debt ceiling fights only get resolved at the last minute, but it is amazing that this one has dragged out for so long. Of course, I disagree with Mitch McConnell’s latest plan to resolve the debt ceiling crisis, but he is right in noting that the consequences of not increasing the debt ceiling are just as disastrous politically for Republicans as they are economically for the country. Democrats have to worry that they might be playing with political fire as well as long as this dispute lasts. And both sides ought to want to do right by the country they are supposed to be serving.

There is every incentive to resolve this issue. Unfortunately, mere incentive won’t cut it; the political class needs to show some maturity in order to come to an agreement that will benefit the country. And the political class is doing its best to convince me and others that maturity is at a premium these days.

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