Weekonomics: Budget Negotiations Edition
Just hours away from a potential government shutdown, Paul Solman speaks via Skype with two economists on the financial implications of the budget impasse in this week’s edition of “Weekonomics: Our Friday Roundup.”
Conservative Richard Rahn of the Cato Institute says the big issue isn’t the debate over budget cuts to avert a government shutdown, but the long-term budget deficit. He’s for the plan put forth by Paul Ryan.
Daniel Hamermesh, a liberal at the University of Texas at Austin, calls the fight over this year’s budget “a standard game of ‘budget chicken’” and doesn’t think Rep. Ryan’s proposal for next year is the answer to our long-range budget problems.
If the government does shut down, here’s a snapshot of what that could look like:
Graphic and video produced by Elizabeth Shell.