"Both Parties And The White House Are Advocating A US Default" - David Stockman

[Toro]

Stockman was Reagan's budget director.

"The real problem is the de facto policy of both parties is default. When the Republicans say no tax increases, they're saying we want the U.S. government to default. Because there isn't enough political will in this country to solve the problem even halfway on spending cuts.

When the Democrats say you can't touch Social Security, when you have Obama sponsoring a war budget for defense that is even bigger than Bush, then I say the policy of the White House is default as well."

"That is the question that really needs to be understood better and appraised by the bond market. Both parties are advocating default even as they point the finger at each other."

David Stockman: "Both Parties And The White House Are Advocating A US Default" | zero hedge

 

[KissMy]

This is news how?