Political Checklist: We've Hit the Debt Ceiling, Now What?

May 16, 2011

In this week's edition of the Political Checklist, Gwen Ifill and David Chalian examine why, if the nation has hit its limit for borrowing, has there been no outcry from the markets or the political system? Gwen suggests that Wall Street is well-aware that Congress is known for making politics out of the debt ceiling increase, but always raises the limit before it is too late. Treasury Secretary Timothy Geithner said he can take extra measures and ensure that the government can borrow until August 2.

They also discuss the politics behind Republican presidential candidate Newt Gingrich's criticism of the House GOP-endorsed Medicare overhaul as "radical." Gwen compares 2011 version of Gingrich to Gingrich in the 1990s, when he was the bomb-thrower seeking to shake up the establishment. Gwen and David also express confusion about Gingrich's position on Medicare reform, and they aren't the only ones.