Responses to Question 1
"There will be many House votes and they will be paired with every kooky scheme to cut the deficit known to man except any involving raising taxes. The Senate will do what it usually does and have votes paired with empty political gestures for both parties and, as the clock ticks down and every silly political vote has been cast, the ceiling will be raised..."
"Because imposing future triggers is easier than making cuts today."
"Triggers, though vague, and perhaps not restricted to just spending cuts; I assume there will be a push to have tax expenditures be part of that as well."
"Some procedural 'reforms' that will turn out to be largely empty promises. These reforms will include spending caps and limits and be “enforced” by triggers."
On what day will the debt ceiling be raised?
- June 2.9%
- July 40%
- August 57%
- Within a week of current deadline 74%
Responses to Question 2
"But this could be just the first time this will need to be done between now and the November 2012 election. It is possible this increase either or both will be temporary and only enough to buy a couple of months time so that negotiations between Obama and Republicans can continue."
"The summer recess begins August 8 so my guess is August 7th after the package has been voted down once in the House on about August 4."
National Journal Economic Insiders: Joseph Aldy, Dean Baker, Michael Barr, Charlene Barshefsky, Bruce Bartlett, Steve Bell, Jared Bernstein, Karan Bhatia, Alan Blinder, Heather Boushey, Stan Collender, Jake Colvin, Pete Davis, Mark Doms, Lisa Donner, Karen Dynan, Michael Ettlinger, J.D. Foster, Tony Fratto, Dean Garfield, Ed Gresser, Keith Hennessey, Brian Higginbotham, William Hoagland, Douglas Holtz-Eakin, R. Glenn Hubbard, Dennis Jacobe, Dennis Kelleher, Jim Kessler, Ken Kies, Donald Kohn, Randall Kroszner, Thea Lee, Maya MacGuineas, John Makin, Michael Mandel, Joe Minarik, Heather McGhee, Lawrence Mishel, Mark Muro, Aric Newhouse, Adam Posen, Eswar Shankar Prasad, Martin Regalia, Carmen Reinhart, Vincent Reinhart, Robert Reischauer, Alice Rivlin, Richard Sawaya, Susan Schwab, Sherle Schwenninger, Rob Shapiro, Heidi Shierholz, Ken Simonson, Joe Ventrone, Alan Viard.