Total borrowing has imploded. Private borrowing has collapsed. And, in effect, the Treasury Department is the last borrower left standing.
Peter R. OrszagFor example, I was privileged to be working at the White House under the Clinton administration and had not finished my Ph.D., and I thought I was the cat's meow.
Peter R. OrszagWell, I think what we need to remember is that budget deficits can impede economic activity.
Peter R. OrszagThe government could either raise $100 by selling allowances and then give that amount in cash to particular businesses and individuals, or it could simply give $100 worth of allowances to those businesses and individuals, who could immediately and easily transform the allowances into cash through the secondary market.
Peter R. Orszag