Debt Wish: Shiny Object

| January 13 2013

Debt Wish: Shiny Object

SHOT: Pentagon Takes “First Tangible Step” In Preparation For Sequester: ”Defense SecretaryLeon Panetta directed the military Thursday to begin taking what he called ‘prudent’ cost-saving measures to mitigate the impact of sequestration, including freezing civilian hiring, delaying certain contract awards and curtailing nonessential facility maintenance. The order amounted to the first tangible step by the Pentagon to brace for the impeding cuts, which Mr. Panetta, until recently had hoped to avoid.” (Adam Entous, Panetta Orders First Concrete Sequester Steps,” The Wall Street Journal, 1/10/13)

CHASER:  Sequester Offsets Taking A Back Seat To A Magic Coin: ”What if Washington’s next debt clash, widely expected to be as bitter as the ‘fiscal cliff’ fight, could be resolved with the minting of a $1 trillion coin?  That is the idea being pushed by a handful of policy wonks and columnists, and it has caught the attention of lawmakers even though it is an unlikely solution.” (Eric Morath, “‘Joke’ Solution to Debt Clash Gets Serious Study,” The Wall Street Journal, 1/7/13)

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