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News Link • Economy - Economics USA

In 4 Sentences... Explains The Absurdity Of The Debt Ceiling

•,Brett LoGiurato
 John Chambers, the chairman of the sovereign ratings committee at S&P, said Wednesday morning that a U.S. default would amount to an economic catastrophe worse than the collapse of Lehman Brothers. 

When asked if the ratings agency would consider a second downgrade of the U.S.'s credit rating in little more than two years, Chambers told CBS "This Morning" that the agency would "look and see" how Congress responds over the next few days. 

Chambers also explained, neatly, the glaring absurdity of the debt ceiling crisis:
"We have a budget system that’s unlike any other budget system that I’m familiar with. We have spending and revenue measures that have originated from an original act in Congress. Now it’s a question of funding them. The spending has already been approved, but now the elected officials are balking at funding that spending."

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