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Not only has the stability and growth pact, which was supposed to help force fiscal policies into rough alignment, been weakened.
Mayor Masiello said he hoped the authority would not only force fiscal discipline on the city, but also have the political clout to get aid from Albany to help the city attract businesses.
Republicans have tried several times to use the debt ceiling — the limit on the Treasury's authority to borrow — as leverage to force fiscal concessions from President Obama, even though refusal to raise the limit could lead to a default on the federal debt and disastrous consequences for the economy.
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What he takes credit for -- and should, Mr. Appert said -- is forcing fiscal discipline on a company that had been lackadaisical about it.
"The current environment of budget austerity and sovereign debt crises forces fiscal choices that make it difficult to sustain subsidies for renewable energy (which are still required despite improving project economics)," it said.
His prescriptions include "imposing term limits on Congress and the Supreme Court" and "forcing fiscal responsibility through a balanced budget requirement".
The central government, however, appears determined to force greater fiscal discipline even on Spain's capital city.
"It's bizarre," said one veteran Democratic senator who would not be named, citing the proven willingness of Republicans to force a fiscal crisis unless the president makes a deal for additional spending cuts.
Might be a useful gambit… QUESTION FROM GUEST: Do you subscribe to the theory of movement conservatives' intentionally blowing budgets (Reagan, Bush I and II) to force the fiscal crunch now underway in order to roll back social security and medicare under the guise of budget emergency?
He found this position politically untenable for many reasons, one of them being that deficit scolds insisted that using the debt ceiling to force a fiscal adjustment was a terrific idea, and that connecting the deficit debate to a potentially cataclysmic financial event was the mark of seriousness.
She then added: "At the same time, failing to use this debt ceiling 'hammer' to force serious fiscal reforms would be a dangerous lost opportunity".
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com