After a 16-day shutdown, there’s finally a deal to raise the debt limit and reopen the government. But the can’s just been kicked down the road – another Congressional confrontation over spending cuts, entitlement programs and possible default will take place within a few months. Nonetheless, Martin Wolf, the chief economics commentator of the Financial Times believes that no matter the rhetoric and flamethrowing, the debt ceiling has to be raised because the alternatives are “simply, unimaginably horrible.”
This week on Moyers & Company, Wolf -- who has been described as “the premier financial and economics writer in the world” -- joins Bill Moyers for a discussion of the current DC crisis and its potentially lethal impact on the global economy. Wolf views the debt ceiling as the legislative equivalent of a nuclear bomb the US has aimed at itself. But its deadly fallout could spread everywhere.
Moyers & Company. Friday at 9 p.m. om PBS 6.