“Former Treasury Secretary Paul O’Neill compared lawmakers trying to block raising the debt ceiling to “al Qaeda terrorists.”
“The people who are threatening not to pass the debt ceiling are our version of al Qaeda terrorists. Really,” O’Neill, Treasury secretary in the Republican administration of George W. Bush, said Wednesday in an interview with Bloomberg Television’s InBusiness with Margaret Brennan.
“They’re really putting our whole society at risk by threatening to round up 50 percent of the members of the Congress, who are loony, who would put our credit at risk,” O’Neill said.”
O’Neill, you may recall, was fired in 2002 after warning the Bush administration that a second round of tax cuts, following the initial round in 2001, would create a huge deficit, especially with a new war in Iraq underway.
After O’Neill brought up his concerns to his friend Dick Cheney, the vice president infamously responded:
“You know, Paul, Reagan proved that deficits don’t matter. We won the mid-term elections, this is our due.”
– Jay Bookman