Tuesday, July 26, 2011

Lost in translation? No, Russia Today, I don't support raising the U.S. debt ceiling and I didn't say it should be raised

I was on Russia Today yesterday, the cable channel owned and operated by the Russian government.

RT's website claims I said the U.S. government must raise its borrowing limit and keep on spending.

For the record, I may have been a bit tired at the end of a long day Monday when the segments were taped, but that doesn't mean I took leave of my senses. Although I didn't take a position outright on the program, I don't support raising the debt ceiling. It isn't necessary. The government is taking in all the money it needs to meet its obligations.

If you watch the RT video embedded in this blog post you will see that I simply explained the situation the U.S. and investors face and how politicians are reacting to it. (There is a second video showing me at the RT website. Scroll down and click on the video at the bottom of the page immediately below the phrase "drastically cutting spending and implementing severe austerity measures.")

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