Tying deficit cuts to debt limit "insane": Goolsbee

[The Northerner]

CHICAGO (Reuters) – The United States must address its long-run fiscal challenges, but tying the goal of deficit reduction to raising the debt ceiling is "quite insane," White House economic advisor Austan Goolsbee said on Wednesday.

Conservative Republicans, especially Tea Party activists, want steep domestic spending cuts to reduce a deficit projected at $1.4 trillion this year, and have refused to support an increase in the nation's $14.3 trillion borrowing limit before winning budget concessions.

"We must address our longrun fiscal challenges," Goolsbee said in a speech in Chicago. "But to tie this to the debt limit is in my view quite insane."

The U.S. recovery is gaining steam, Goolsbee said, which should reverse the short-term deficits caused by the worst economic downturn since 1929.

Read more: http://news.yahoo.com/s/nm/20110511/pl_nm/us_usa_economy_goolsbee

[liberal N proud]

1. This is what happens when the insane are allowed to govern

GOP = insanity

[indepat]

4. Insanity that produces one never-ending FUBAR upon another

:patriot:

[abelenkpe]

2. If tea partiers want steep domestic cuts

then they should all volunteer to forgo their ss checks, unemployment benefits, medicare, use of public schools etc. They could make the difference themselves, be the independent do-it-yourselfer's they so claim to admire thus saving their grandkids from the burden of the national debt.

I know...they'd never go for it. Cause they don't really want to forgo that stuff themselves. They just want to take it from their kids.

[socialist_n_TN]

3. I still don't think any compromise on this will be

NECESSARY. Now that doesn't mean that it won't happen, it just won't be necessary.

Wall Street wants the deficit limit raised, ergo eventually after much posturing, the debt limit WILL be raised. Because that's what the bosses want.