Wall Street and big business desperately want the debt ceiling raised. They understand that a U.S. default would be catastrophic to the economy. But saying that they want the debt ceiling raised is different from saying that they want the U.S. to close its deficits and pay down the national debt. They don't. This might seem surprising to some, but it shouldn't be.
Big business' love of deficits was the subject of David Leonhardt's column today in the New York Times. He says big business lobbyists are part of the reason why cutting the deficit has been so difficult: they don't want the spending cuts that Republicans demand -- and they certainly don't want higher taxes.
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