The Most Expensive White Flag Ever?
That means it is now time to count the costs (something hardly any media outlets are bothering to do).
First … how much will taxpayers have to shell out to run the federal government from mid-October to mid-January (including that Panda-cam thingy)?
“If they maintain sequester levels, it would be $988 billion on an annualized basis,” one D.C. source tells us. “They could also choose to ignore sequester and take the annualized rate up to $1.056 trillion.”
Now … how much additional deficit spending are taxpayers going to be saddled with as a result of extending the debt ceiling through February?
According to another D.C. insider, a “plain vanilla debt ceiling” would probably involve $300 billion in immediate payments (to “refill depleted accounts”) and another $200 billion for “four months of regular debt.”
So half a trillion dollars …
Oh, and this time lawmakers aren’t even pretending they will make “future cuts” down the road like they did during the last debt deal.
That is one expensive white flag, people. Perhaps the most expensive white flag ever …