Faced with a midnight deadline for extending America’s authority to borrow money, Congressional leaders reached a long-awaited deal to raise the debt ceiling and reopen the federal government.
The weeks-long showdown was watched closely at home and overseas, where financial trouble also could have resulted from a US economic crisis.
Lake Effect contributor Art Cyr is a professor and director of the Clausen Center for World Business at Carthage College in Kenosha. Cyr says uncertainty is a big factor in American politics.
"Congress and politicians are kind of like college students,” Cyr says. “They are extraordinarily good at working out a deal at five minutes to midnight or pulling an all-nighter to get the paper done.”
Congress’ last minute trend will prevent crisis for a few months until a more stable budget is formed.
In comparison, Wisconsin has a well-balanced budget. Cyr gives credit to the Republicans for pushing for a stable budget, allowing us to recover strongly from the nation’s recession. The downside, however, is that Wisconsin cities still need to borrow money.
Cyr believes that Wisconsin needs to get back to their traditional, old-fashioned, workable, pragmatic leadership. He looks to Germany as an economic model, who work things out in a realistic and pragmatic manner.
Lake Effect contributor Art Cyr is a professor and director of the Clausen Center for World Business at Carthage College in Kenosha.