Former US treasury secretary Larry Summers says that while the latest debt ceiling deal is good, Americans are not being realistic about the long-term debt projections.
being negotiated through Congress is a good outcome that pulls the United States “back from the edge” of default.
“Not one Republican should vote for this bill,” Republican Chip Roy, an influential member of the ultraconservative House Freedom Caucus, said hours before the committee vote. Mr Summers said he thought the outcome on the debt was “in the 85th or 90th percentile of what I would have thought was likely two months ago”.“We are now extremely unlikely to default. We turned [further] away from the edge of the ledge than I would have guessed was likely.”
He also noted that the CBO estimated in 2011 that the debt to GDP ratio was anticipated to be 77 per cent 10 years out, but now estimates that will be 119 per cent and rising rapidly when we get to 2033.
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