Colin Powell On The Election And His Remaining A Republican

From "Colin Powell endorses Barack Obama for president",

"'The major problem faced either by Gov. Romney or President Obama, whoever wins the election, is going to be what to do about the fiscal cliff we're about to fly over,' Powell said. 

'This is something that was put in place by Congress and while we're talking about the two candidates for president let's not forget that Congress bears a lot of responsibility for many of the problems that we have now. ... '"

and

"And, despite his endorsement of a Democratic candidate in two presidential elections, Powell says he remains a Republican. 'I think I'm a Republican of a more moderate mold," he said before adding, "That's something of a dying breed I'm sorry to say.'"

The Economic Engine: Is It Fixed?

If our car had a busted transmission, we base whether to call it fixed by how it responds when it's in drive and we press on the gas. Does it go forward when we apply gas? Does it go faster when we apply more gas? If so, then it's fixed ... even when it happens to be going slower on the on-ramp than it was when the transmission first broke on the highway.

We don't base whether to call it fixed on its speed at the moment or how full its gas tank is. That'd be ridiculous.

Right now the Republican House is pulling back on our foot ... keeping us from putting the pedal to the metal. The Fed Chairman filled the tank with monetary measures. The President didn't even try to floor it, but he's tried to apply a bit more gas than the current House is letting him apply with fiscal measures. The 111th Congress was applying more gas than the 112th Congress is applying.

We could be going faster if we applied more gas. That we're not putting the pedal to the metal doesn't mean the car isn't fixed.

Given the output gap between actual and potential GDP, we're driving below the speed limit. The potential GDP is the speed limit. Any faster than that and we're liable to be pulled over and get a ticket. But we could be going faster. There's a good bit of room to step on the gas and get ourselves up to speed. That would require the House to stop holding us back from applying the gas it'd take to get up to speed.