Fareed Zakaria: We Face Investor Panic Not For Deficits, But For ‘Behaving Like Deadbeats’

Fareed Zakaria continued venting his frustration with the ongoing debt negotiations, insisting that an increase in the debt ceiling should be an undisputed no-brainer. Given that only two countries in the world even have a debt ceiling (Denmark shares the honor with America), Zakaria suggests the approval to borrow money comes whenever Congress first approves spending that exceeds tax revenues. “First you pay the bill, then you can change your spending habits,” Zakaria informed opponents of lifting the debt ceiling.

Zakaria argued:

“We face downgrades and uncertainty and investor panic not because of our deficits, but because we are behaving like deadbeats, refusing to pay our bills, pouting, while the bill collector waits at the door.”

As a result of the Tea Party’s efforts, Zakaria also warns that “the credibility of the United States is now surrounded by uncertainty” moving forward, and that confidence in American’s ability to pay future debts could be “shaken forever.” Zakaria admits the deficit is something that should be addressed, but not in the context of the debt ceiling discussion and apparently not now.

Watch the clip from CNN below:

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