Hennessy's View

Bi-Partisan Consensus: We’re Screwed

What if: In January, a new Republican Congress is sworn in. First up on the agenda? A bi-partisan report stating that Congress must enact the most draconian tax increases and entitlement cuts in history or face total economic collapse. That’s the scenario developing. President Obama appointed a bi-partisan commission to make recommendations about the US government’s debt. The commission will not report out until after the November 2010 elections, but the leaders—Republican Alan Simpson and Democrat Erskine Bowles–have given some warning about what we can expect. Read more →