Millstein & Co.'s James Millstein Predicts Debt Ceiling Possibilites
Millstein & Co. CEO and Chairman James Millstein shared his predictions on the chances of the United States cracking with debt default and the debt ceiling shattering on CNBC's Squawk Wednesday morning.
"We can't do it. It would be such an act of irresponsibility on both parties' parts to put that at risk. So you really can't imagine it happening," said Millstein.
According to Millstein, staying within the debt ceiling is a simple game of moving the money around between government accounts, boiling its management down to better bookkeeping in order to create a balance.
"In modern history with a capacity to pay, which we have, has never done this. Everybody in town, the administration, Harry Reid (D-NV) in the Senate, have got to find something that is meaningful to the Republican party that allows them to save face and move on," said Millstein.
"Because they're now caught in a, you know, a problem of their own making. I mean, they've been running against the Affordable Care Act for years. Ever since it passed."
At the time of this writing, Jason Cunningham had no position with the mentioned entities. Visit Jason on Twitter @JasonCunningham.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.