From Huffington Post: http://www.huffingtonpost.com/2013/01/13/paul-krugman-debt-ceiling_n_2467718.html
By Jillian Berman
01/13/2013
Paul Krugman on Sunday accused the Republican leadership of holding the country hostage.
The Nobel-Prize winning economist and New York Times columnist argued that congressional Republicans are “threatening to blow up the world economy” if they don’t get their way in the debt-ceiling debate. After a difficult fiscal cliff battle, President Barack Obama said he would not negotiate over the debt ceiling, but Republicans have said they won’t authorize an increase in the country’s spending limit without major spending cuts.
“We should not allow this to become thought of as a legitimate or normal budget strategy,” Krugman said on ABC’s “This Week.” “This is hostage taking.”
Krugman has made similar statements in the past, particularly when defending the idea of minting a trillion-dollar platinum coin to avoid the debt ceiling crisis — a loophole the White House ruled out Saturday. In a blog post earlier this month, Krugman argued that Obama should be ready to mint the coin because it offered a “silly, but benign” solution to the crisis. The alternative: Putting the nation’s ability to meet its financial obligations at risk, an option that Krugman described as “both vile and disastrous.”
“The debt ceiling is a fundamentally stupid but dangerous thing,” Krugman said on “This Week.” “It’s incredibly scary, this is much scarier than the fiscal cliff,” he added later.
Continue reading at: http://www.huffingtonpost.com/2013/01/13/paul-krugman-debt-ceiling_n_2467718.html
