davelj: That WSJ article by Druck….(sp), is making quite a splash in financial circles. It essentially argues that hanging tough on raising the debt ceiling for a few days or weeks past the deadline would actually ENHANCE our credit standing with lenders if it included serious measures to curb spending.
The financial markets would look favorably on concrete spending cuts the fiscal conservatives are arguing for, and interest rates would not leap upwards, as Treasury Secretary Geither is maintaining. There is historical precedent for this position, as the article points out. I recommend it, since we are about to hear a lot of scare-mongering.
