What Was Ted Cruz Thinking?

It is a mystery. The criticism of Cruz by the Wall Street Journal is entirely on the mark, and while I like Cruz and think that he may well be a good leader someday, his tactical decisions seem to have a unique capacity to hurt Republicans.

Speaking of dealing with the debt ceiling, I am intrigued with Steven Schwarcz’s idea to bypass future debt ceiling fights by having the president “raise financing by monetizing future tax revenues” through securitization. Given the catastrophe that a failure to raise the debt ceiling could wreak on the worldwide economy, any constitutionally valid effort to take this issue out of the hands of politicians seems attractive to me.

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