(KTVI)-What have we learned from the debacle that partially shut down the government and could have led to default on some U.S. debts? The answers may surprise you. St. Louis economist Murray Weidenbaum was an assistant treasury secretary under President Richard Nixon and chairman of the White House Council of Economic Advisors under President Ronald Reagan. Weidenbaum, who chairs the Weidenbaum Center on the Economy, Government, and Public Policy at Washington University, was horrified as he watched things lurch out of control over the past two weeks.
Charles Jaco sat down with Weidenbaum and compared the 2013 drama with the days when Republican President Reagan and Democratic house speaker Tip O’Neill could hammer out economic policy and federal budgets.