This is not merely about raising the debt ceiling in 2011. TheÂ report and accompanying statements from Standard & Poor’s are pretty clear: it’s about addressing the perpetual gap between spending and revenue that widens without end. Not raising the debt ceiling this year would clearly destabilize the market for U.S. debt. Raising the debt ceiling without meaningful fiscal reform opens the door for continuing deterioration in the U.S. fiscal situation envisioned in this report.
S&P is calling the bluff of the can-kickers and issuing a vote of no confidence in the management. The question for Congress and the president is whether they want to keep gambling with our future by nibbling around the edges of the budget problems, or are they ready to make real changes to restructure the entire budget?
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