Greenstein on “CBS This Morning”: Deal with “Fiscal Cliff” and Debt Limit Together
Appearing on “CBS This Morning” over the weekend, CBPP President Robert Greenstein explained why Congress should resolve the “fiscal cliff” and raise the debt limit at the same time in coming weeks:
We really have two issues threatening the economy here. The fiscal cliff on January 1st isn’t the only one. About two months after that, we hit the debt limit again. The debt limit’s different. If the United States defaults on its obligations for the first time in the history of the Republic, there is permanent serious damage to the U.S. dollar, to our currency, to our place in the world economy…. What we don’t want to do is go to the brink on the economy now, and then threaten the economy again only two months later. We’ve got to deal with both problems together in the weeks ahead for the good of the economy.