CNNMoney: Ignore Debt for Present, More Gov't Spending Needed to Boost Economy
While the prevailing argument on Capitol Hill right now is not whether to cut federal spending but rather what programs to cut, CNNMoney is fretting over the very concept of spending cuts. You read that right, while both political parties hash out spending cuts to chip away at the growing deficit, CNN is arguing for more government spending to stimulate the economy. Apparently, President Obama's economic policies weren't carried far enough.
"If the debt ceiling goes up, government spending is most likely going down. And with the economy grinding to a halt, the timing couldn't be worse," CNNMoney's Charles Riley begins his column.
Riley argues that the mainstream economic analysis points to the need for further spending to jumpstart a flagging U.S. economy. He then quotes Chad Stone from the liberal Center on Budget and Policy Priorities, who argues for "additional monetary and fiscal stimulus" to aid the current economy.
Riley closes out his piece quoting none other than President Obama, defending "federal support for states" of his stimulus bill.
To read the entire piece, click here.