Krauthammer: This Is a "Ridiculously Hyped Armageddon"

Krauthammer: This Is a "Ridiculously Hyped Armageddon"

CHARLES KRAUTHAMMER: This is the ridiculously hyped armageddon since the Mayan calendar. In fact, it looks worse than the Mayan disaster. Look, this, as you say, can be solved in a day, in an hour by allowing a transfer of funds. It's incredibly soluble, easily soluble. And the president is the one who ought to propose it. He won't, of course, because he is looking for a fight and not a solution. But secondly, look at this in perspective.

In terms of the gross domestic product of our economy this is .003, it's a third of 1% of our domestic economy. On the domestic side, overall, it's 2.5 cents on the dollar. And overall, on the non-defense side, it's a penny-and-a-half on the dollar of reductions. Here we are with a debt of $16 trillion and the argument today is if we cut a penny-and-a-half on non-defense spending in one year it's the end of the world. If so, we are hopelessly in debt and we're going to end up like Greece. (Special Report, February 20, 2013)