Debt Ceiling
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DNC Memo: Political Pundits Got Debt Ceiling Scorecard Wrong
WASHINGTON -- The rush to frame the winners and losers in the debt ceiling deal stands in stark contrast to the protracted negotiations over the debt ceiling themselves. On Thursday afternoon, the Democratic National Committee engaged once again, issuing a memo arguing that political pundits got their analyses wrong when they deemed the final result a win for the Republicans. "The fact is, since President Obama reached a debt and deficit compromise with Republicans over the weekend, CNN and Gallup polls show that a hefty majority of Democrats and Liberals support the deal while a hefty majority of Republicans, and particularly the all-important Tea Party Republicans, oppose it," says the memo, authored by DNC Executive Director Patrick Gaspard and sent to The Huffington Post. "If you’re waiting for the rush of stories, columns and blogs with the inside the beltway intelligentsia admitting they missed the mark on this – don’t hold your breath.According to http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo4.htm , the debt at the end of the 1980 fiscal year, on September 30th, 1980, was $907,701,000,000. On September 30th, 1981, it was $997,855,000,000. Averaging it out over the year gives a debt of $246,997,260.27 per day. Reagan took office 112 days later on January 20th, 1981.
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Seth Wenig/AP This year’s tax increases were supposed to destroy the country and send Americans to the bread lines. That didn’t happen. In fact, the economy is pretty damn happy, writes Daniel Gross. What if they threw a big tax hike, and nobody noticed?