GM,

I agree that both parties got us to this precipice, but only one is presently looking to willingly leap off of it: the GOP. I see a pressing short term issue (the raising of the debt ceiling) and an almost equally pressing but far more profound longer term issue (our debt and structural problems related to demographic trends, and the political cowardice and paralysis in not making the hard decisions related to revenue and expenditures). You mention the warnings from credit rating agencies. Well they, the citizenry who don't receive their SS checks, and financial markets here and abroad, will go ballistic if we don't raise the debt ceiling. I don't want to find out if the doomsday scenarios play-out. And the bond market will surely punish us if we don't tackle the long term spending/revenue issue. I don't think you and I are far apart on this, GM. We cannot continue to kick the issue down the road. However, given the president's recently proposed cuts to entitlements that will surely be felt most severely by the lower/middle income classes, I think it's entirely reasonable to now raise taxes on the wealthy. As I said in my initial post, I cannot fathom how the Republican base could disagree with me. When the ceiling is raised, this obviously cannot be the end the negotiations.

As to your worries of post WWI Germany-like levels of hyperinflation, I'd be pleased to read any credible sources that you'd care to share.

Peter T.