Wednesday, July 6, 2011

More on the schism between 'Conservative' and 'Republican'

I blogged yesterday about David Brooks' column in The New York Times criticizing the Republicans' handling of the debt ceiling negotiations. The Economist also weighs in on the Brooks column:

"In all probability, America won't default; it's still difficult to imagine that it cold come to that. The bigger danger, I think, is that the Republican strategy will either lead Democrats to accept short-term cuts large enough to endanger recovery or will result in a short period of "prioritisation", in which spending is suddenly and dramatically cut back to prevent a default once the money runs out (on or about August 2nd). America may make it through this episode with its credit rating intact and still sustain significant economic damage."

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