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Drop the High Stakes Showdowns

Author: Robert Kahn, Steven A. Tananbaum Senior Fellow for International Economics
November 1, 2013
CNN Global Public Square

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Absent a surprising turn towards bipartisanship, it's hard to see much coming out of the Congressional Budget Committee negotiations that began this week. The hard deadline is January 15, 2014 when funding for the government expires. My hope is that neither side will want another shutdown, and at a minimum Congress will provide funding for the remainder of the fiscal year and extend the debt limit past the November elections.

Meanwhile, the costs to the economy from our crisis-driven fiscal policy continue to mount, measured by increased uncertainty, reduced investment, poorly targeted fiscal consolidation, and most recently pressures in U.S. money markets and other financial markets that rely on U.S. Treasuries for security and liquidity.

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