Michael Granof received an A.B from Hamilton College, an MBA from Columbia University, and a Ph.D. from the University of Michigan. His research interests include governmental accounting, non-profit accounting, financial accounting and auditing. Professor Granof is a member of the Academy of Distinguished Teachers and the recipient of major teaching awards in the College of Business. Professor Granof also holds an appointment in the LBJ School of Public Affairs.
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In January, America found itself in the middle of yet another High Noon standoff over the national debt. Once again, the U.S. Treasury hit the limit on what it can legally borrow, and once again, Congress staged a showdown over increasing that limit. This time around, Congress voted to suspend the ceiling for only a few months, setting up another potential standoff for early summer. Businesses are concerned that these standoffs will continually stunt economic growth, prompting some experts to recommend eliminating the debt ceiling altogether.
In the latest episode in America’s deficit saga, a 12-member Congressional panel, nicknamed the “supercommittee,” is trying to slow down a runaway train: the national debt. It’s crafting a plan to trim at least $1.2 trillion, on a deadline that’s approaching faster than a speeding bullet. The plan is due before Thanksgiving. It’s a job that might require superpowers, say faculty at the McCombs School of Business: a superhuman grasp of economics combined with superhuman political skills. The committee has to tighten Uncle Sam’s belt without squeezing him into another recession, and do it in an atmosphere where compromise is treated like kryptonite.