The Week

Score Last Week: FBI 3, Hijackers 0.

The Treasury has once again asked Congress to perform the periodic ritual of raising the “ceiling” on our national debt in order to accommodate projected deficits of $64.3 billion in the next two years. John Connally, the President’s Sancho Panza, says these deficits “should be applauded.” Ezra Solomon of the Council of Economic Advisers later “warned” Congress “not to try to reduce next year’s budget deficit,” and declared that any attempt to balance the budget would be “a tragic mistake.” Someone had the poor taste to mention that the original ’71 and ’72 projected deficits each turned out to be underestimated by about $25 billion. Considering this uncanny inaccuracy of past Administration forecasts, the real deficits in the next two years may well prove to be even larger than the already gargantuan projections. If so, the debt ceiling will undoubtedly be elevated to the thirteenth floor.

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Score Last Week: FBI 3, Hijackers 0.

The Treasury has once again asked Congress to perform the periodic ritual of raising the “ceiling” on our national debt in order to accommodate projected deficits of $64.3 billion in the next two years. John Connally, the President’s Sancho Panza, says these deficits “should be applauded.” Ezra Solomon of the Council of Economic Advisers later “warned” Congress “not to try to reduce next year’s budget deficit,” and declared that any attempt to balance the budget would be “a tragic mistake.” Someone had the poor taste to mention that the original ’71 and ’72 projected deficits each turned out to be underestimated by about $25 billion. Considering this uncanny inaccuracy of past Administration forecasts, the real deficits in the next two years may well prove to be even larger than the already gargantuan projections. If so, the debt ceiling will undoubtedly be elevated to the thirteenth floor.