You know the drill — Politico’s Arena asks, I answer. I’d like to know what you would have said, so please tell me in the comments section below.
Arena Asked: President Barack Obama, Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke warn of calamitous effects if the nation’s debt ceiling is not raised soon. But a few prominent Republicans, such as Minnesota Rep. Michele Bachmann, a presidential candidate, say nothing much would happen and blast the administration for its “scare tactics.”
Are Bachmann and co. naive about the consequences of default? Or do they have a point? Might this be the economic equivalent of Y2K, the turn-of-the-21 century computer scare that ended up causing minimal damage?
Posted in Economy, Election Watch, Political Strategy, Politico Arena, Politics
Tagged Barack Obama, Ben Bernake, debt ceiling, economic crisis, leadership, Michelle Bachmann, Politico, Politico Arena, power-to, Timothy Geithner, Y2K