Maybe Obama’s Team Needs to Be a Little More Alarming on the Debt Ceiling


Bob Somerby writes today about Sen. Rand Paul’s appearance on Meet the Press this weekend, but throws in an aside about Treasury Secretary Jack Lew’s appearance:

[Paul] followed Jack Lew, who pretty much convinced the nation that we have little to fear from a failure to raise the debt limit. We know, we know! Lew was trying to say the opposite. But what a horrible, narcotized spokesman!

It’s true that Lew took a pretty low-key approach, despite host Savannah Guthrie’s best efforts. “Are you talking catastrophe?” she asked. Lew wouldn’t bite, so then she gave him another chance. “It would be calamitous for the economy?” Still no bite! “It would be very bad,” was the worst Lew could summon up.

That’s pretty soporific, all right. The problem, I assume, is that Lew is in an impossible situation. Breaching the debt ceiling would be pretty calamitous, but Treasury secretaries have an obligation not to panic markets with loose talk. Backbench congressmen, by contrast, can say anything they think might get them a few minutes on the evening news.

It’s an asymmetrical war, and it’s not clear what the answer is. Administration officials have a fine line to walk, trying to make sure they have well and truly warned everyone about how disastrous a debt ceiling breach would be, but at the same time not sending markets into a tailspin unnecessarily. I’m not sure what the answer is, but I think Bob is right: Lew pushed the balance a little too far into yawn inducing territory yesterday. He needs to be clearer about what exactly would happen once we finally get to the day when we can’t pay our bills.

HERE ARE THE FACTS:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

payment methods

ONE MORE QUICK THING:

Our fall fundraising drive is off to a rough start, and we very much need to raise $250,000 in the next couple of weeks. If you value the journalism you get from Mother Jones, please help us do it with a donation today.

As we wrote over the summer, traffic has been down at Mother Jones and a lot of sites with many people thinking news is less important now that Donald Trump is no longer president. But if you're reading this, you're not one of those people, and we're hoping we can rally support from folks like you who really get why our reporting matters right now. And that's how it's always worked: For 45 years now, a relatively small group of readers (compared to everyone we reach) who pitch in from time to time has allowed Mother Jones to do the type of journalism the moment demands and keep it free for everyone else.

Please pitch in with a donation during our fall fundraising drive if you can. We can't afford to come up short, and there's still a long way to go by November 5.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate