Orszag: Panic needed before debt ceiling boost
May 26th, 2011
02:36 PM ET
4 years ago

Orszag: Panic needed before debt ceiling boost

Washington (CNNMoney) – A former White House budget chief said Thursday that Congress won't reach a deal to raise the nation's ability to borrow until the financial markets panic.

Peter Orszag, who used to run the Office of Management and Budget, said he believes that Congress has no appetite to raise the debt ceiling - just as they had no political will to pass the 2008 bailout package to banks to save the financial system.

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Filed under: Budget • Peter Orszag
soundoff (6 Responses)
  1. gt

    the left wing nuts spend like drunks... right wing nuts will fall on there sword for prinicple... come guys give and take...

    May 26, 2011 02:39 pm at 2:39 pm |
  2. Sniffit

    The GOP is certainly "banking" on it. They would like nothing more than for the markets to panic...it will delay and hamper recovery and they are hellbent on making sure they have horrible economic figures to try to blame on Obama for next year's elections.

    May 26, 2011 02:43 pm at 2:43 pm |
  3. Rudy NYC

    He's probably right. Maybe if we threatened them with treason should they allow the debt ceiling to pass without action. That would shake them up. If they tell me that I cannot do it, just watch me.

    May 26, 2011 02:57 pm at 2:57 pm |
  4. The Day of Financial Reckoning is HERE - The Great Democrat Welfare Society Ends

    Oh look!! It's the Obama lackey that was part of the multi-trillion dollar deficits. Looks like Obama is dredging up all his lackeys to convince people the country must keep borrowing until we are bankrupt. Does ANYBODY bother to ask where all this borrowing and spending ends? Democrats haven't offered an end, except to this country.

    May 26, 2011 03:04 pm at 3:04 pm |
  5. GI Joe

    Let the markets crash. It seems everyone has forgotten 2007 and 2008 when things slid down hill. Maybe a big splat will get them to wake up to the republican shenanigans this time.

    May 26, 2011 03:12 pm at 3:12 pm |
  6. Four and The Door

    Actually, congressmen from both parties are ready to raise the debt ceiling. But the Democrats will only do it if they can continue spending their way up to the next one whatever they can get it up to.

    The Republicans need to stay firm in their stance that this should only be done as part of a larger effort to get control of spending. The time is now, not $10 trillion from now because you can be absolutely certain the Democrats will continue buying trains, growing the federal government and handing out new entitlements as long as they can get away with it.

    May 26, 2011 04:02 pm at 4:02 pm |