August 2 is one week away, and Congress still has yet to make a deal to raise the debt ceiling. Both sides of the debt debate are reluctant to compromise — both the Democrats and Republicans have now put forth plans to avoid a default on U.S. loans. The Republican plan includes immediate cuts and caps in discretionary spending, and raising the debt ceiling by less than $1 trillion. The Democratic plan includes a $1.2 trillion reduction in both defense and non-defense discretionary spending.
America's debt problem developed because of a very modern set of circumstances, but our guest Tom Streithorst says our current situation is beginning to resemble 18th century Poland, where any nobleman could nullify legislation passed by the house. The government eventually collapsed because of the peoples inability to reach a unanimous agreement, on any matter.
Streithorst, a contributor for Prospect Magazine, speaks about the similarities between the U.S.'s current predicament and Poland's centuries-old one.