Former Treasury Secretary Michael Blumenthal on Shutdown Aftermath

Thursday, October 17, 2013

October has been tumultuous—in the first three weeks of the month the nation was locked in a government shutdown.

That crisis was finally averted last night when Congress voted to end the shutdown and raise the debt ceiling.

But the end of this story has yet to come. Under the new agreement, the government will be funded through January 15th, and the debt ceiling will be raised until February 7th.  

That means Congress still has to reach a long-term plan for taxing and spending policies, and once again come to an agreement on raising the debt ceiling in 2014. Otherwise, the Treasury Department will be unable to pay its bills. 

W. Michael Blumenthal, former Treasury Secretary and author of the new memoir, “From Exile to Washington: A Memoir of Leadership in the Twentieth Century,” reflects on the nation's fiscal climate and his own time in office.


W. Michael Blumenthal

Produced by:

Mythili Rao


T.J. Raphael

Comments [2]

Larry Fisher from Brooklyn, N.Y.

We are no longer a nation of risk takers. I think in '47 people relied on their gut instincts about people and that is one reason why Blumenthal was able to succeed. He talked to people and people recognized his intelligence, and his abilities.
People are less inclined to take chances on someone they don't know, despite what their guts tell them.
I have hired people who helped my business grow and I have hired people who have destroyed my business.
Without risk; "playing it safe," I can't become the individual I was meant to be. When I take chances, I am able to learn things about the world, and I am not only learning by my mistakes, (though they are helpful in their painful way.) When I take chances, I am listening to the world closer. I am more connected.

Oct. 17 2013 12:37 PM
Kay Merkel Boruff from Dallas

President Obama is a STRONG leader. I disagree with the direction he wants to take the US.

Oct. 17 2013 12:26 PM

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