Woe be the republic if we clamp a lid on spending. Or so the liberal elite says. But it looks like the Keynesians are standing out there alone on this one.
A new Reuters poll tells the tale:
Some 71 percent of those surveyed oppose increasing the borrowing authority, the focus of a brewing political battle over federal spending. Only 18 percent support an increase.
The poll underscores the tough task ahead for U.S. lawmakers as the debt nears its current ceiling of $14.3 trillion. Treasury Secretary Timothy Geithner last week warned that a failure to raise the borrowing limit in the coming months could lead to “catastrophic economic consequences”.
Republicans, who won control of the House of Representatives in November on a promise to scale back government, hope to pair any debt-ceiling hike with a commitment from President Barack Obama to reduce long-term spending.
The liberal elite, on the other hand, do not comprehend the concept of cutting back.
“There’s an iceberg on the horizon, Captain.”
“Full speed ahead.”
Source: Reuters.com
