At Thursday’s White House meeting between President Obama and congressional leaders, Treasury Secretary Tim Geithner laid out in stark terms the awful economic repercussions of allowing the debt ceiling to lapse. Everyone in the room agreed that defaulting on U.S. debt would be disastrous and that something must be done. At that point, Nancy Pelosi asked: Why couldn’t the debt ceiling be decoupled from deficit reduction?
Her query, after so many weeks of reports and talks centered on deficit reduction tied to a debt ceiling deal, visibly surprised some leaders in the room, several Republican and Democratic sources say. Obama politely informed the House Minority Leader, those same sources say, that that train had left the station weeks ago.
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http://swampland.time.com/2011/07/08/has-nancy-pelosi-been-marginalized-in-the-debt-debate/#ixzz1RdgEE1ua
