{"id":12852,"date":"2015-10-01T07:19:57","date_gmt":"2015-10-01T12:19:57","guid":{"rendered":"http:\/\/olduvai.ca\/?p=12852"},"modified":"2015-10-01T07:19:57","modified_gmt":"2015-10-01T12:19:57","slug":"david-stockman-on-cnbc-were-on-the-fiscal-titanic","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=12852","title":{"rendered":"David Stockman On CNBC: \u2018We\u2019re On The Fiscal Titanic\u201d"},"content":{"rendered":"<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/david-stockman-on-cnbc-were-on-the-fiscal-titanic\/\" target=\"_blank\">David Stockman On CNBC: \u2018We\u2019re On The Fiscal Titanic\u201d<\/a><\/h3>\n<p><iframe loading=\"lazy\" src=\"http:\/\/player.cnbc.com\/p\/gZWlPC\/cnbc_global?playertype=synd&amp;byGuid=3000425539&amp;size=500_298\" width=\"520\" height=\"318\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>A government shutdown would force Congress to address fiscal issues before they reach unmanageable levels, a former Reagan administration official contended Wednesday.<\/p>\n<p>\u201cWe\u2019re on the fiscal Titanic and we\u2019re going to hit something hard and immovable one of these days,\u201d said David Stockman, director of the Office of Management and Budget from 1981 to 1985, in a CNBC \u201cClosing Bell\u201d interview.<\/p>\n<p>The House of Representatives and Senate on Wednesday passed a last-minute stopgap spending bill that will keep the federal government open through Dec. 11 pending President Barack Obama\u2019s signature. But another budget battle will likely ensue then, as Congress remains divided over federal funding for women\u2019s health organization Planned Parenthood.<\/p>\n<p>Read MoreHouse passes legislation to avoid shutdown<\/p>\n<p>Many in Congress have opposed a shutdown, as a government closure can put some federal employees temporarily out of work or delay their pay. Stockman contends it could have a positive effect by making lawmakers address spending and debt issues.<\/p>\n<p>He called for entitlement and defense spending reform. He also argued that easy monetary policy from central banks has made lawmakers less likely to address the deficit.<\/p>\n<p>Still, Stockman did not clearly outline why a shutdown would force lawmakers to make significant budget changes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>David Stockman On CNBC: \u2018We\u2019re On The Fiscal Titanic\u201d A government shutdown would force Congress to address fiscal issues before they reach unmanageable levels, a former Reagan administration official contended Wednesday. \u201cWe\u2019re on the fiscal Titanic and we\u2019re going to hit something hard and immovable one of these days,\u201d said David Stockman, director of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[964,3598,2120,9453,584,9452,837,1796,9451],"class_list":["post-12852","post","type-post","status-publish","format-standard","hentry","category-economics","tag-cnbc","tag-contra-corner","tag-david-stockman","tag-fiscal-titanic","tag-obama","tag-titanic","tag-us-budget","tag-us-congress","tag-us-government-shutdown"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12852"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12852\/revisions"}],"predecessor-version":[{"id":12853,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/12852\/revisions\/12853"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}