Indiana Gov. Mitch Daniels did not attract as large a crowd when he spoke at American Enterprise Institute (where I am a resident fellow) earlier this week as he did when several months ago, before he disappointed admirers by announcing that he wouldn't run for president.
What offended the fiscal pundits of S&P was the "brinksmanship" in Washington that failed to deliver a $4 trillion budget cut. That's why we had the "tea party downgrade." What's odd is that if the tea party didn't exist, there would have been no deficit reduction -- and little demand for it.
The air was thick with bombastic predictions throughout the months-long battle over raising the debt ceiling. A deal appeared impossible, and pundits predicted that the divided Republicans and tea party insurgents who ignited the budget-cutting revolution would be the political losers.
A speaker who cuts a debt-limit deal like that is not planning to fight over the 2012 appropriations bills. He is planning to cut another deal.
"In other words, under Obama, the government during the last three years has borrowed on average about $4 billion each day. That staggering sum is far in excess of the $1.6 billion per day during the eight-year tenure of George W. Bush, who until Obama's presidency had borrowed more than any peacetime president."
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