i thought debt ceiling jockeying has been a normal feature of politics for at least a decade. what is new this time is that the negotiating position of the out-

i thought debt ceiling jockeying has been a normal feature of politics for at least a decade. what is new this time is that the negotiating position of the out-of-power party is more aggressive, but the in-power party is also more intransigent - "no negotiation." as they say, it takes two to tango. i saw jack lew on TV the other day, talking about how important it was that the US uphold full faith and credit of its obligations. and of course that is important. but a borrower's creditworthiness is a function of many things, including total debt, growth in debt and interest rate on debt, etc. in short, the conversation at a national level is "we should increase the debt ceiling otherwise we won't be seen as a secure borrower" but the flip side, of the danger of continually increasing the debt load until lenders reach the same conclusion for different reasons, is considered a crackpot interpretation.