“Dangerous precedent” being set in debt ceiling debate, says Galbraith

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Professor James Galbraith of The University of Texas, says we’ve entered “a tragic moment” in history where our elected officials are more apt to put ideology before the good of the entire country, according to Yahoo! Finance.

“This is not the way we should be perusing these issues,” he said. “We run the risk, first of all, of turning our government into a series of blackmail negotiations, where the full faith in credit of the United States government … becomes a kind of football for the various political agendas: the Republican agenda but also the President’s agenda on a long term deficit deal.

“The debt ceiling needs to be taken off the table. It needs to be recognized that this is not something you tinker with [and] that it is inappropriate to call into question the obligations of the United States government. We need a clean and substantial increase in the debt ceiling” with no strings attached.

Source: Yahoo! Finance, July 15, 2011.

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