This Is All The Fault Of The Terrorist Taliban Extremist Hostage-Taking Tea Partiers

Uh oh.

Former Bank of England policy maker Willem Buiter said the European Central Bank will revive its bond-buying program to safeguard this week’s auction of Italian bonds.

“The ECB will intervene on whatever scale is necessary to allow Italy to conduct its auction on Thursday,” Buiter, now chief economist at Citigroup Inc., told reporters in London today. “If the ECB doesn’t come in, the Italian bond auction is likely to fail.”

If only the Italians were allowed to increase their debt ceiling without conditions! Then they could go on spending and spending and spending!

Err, that is the problem, isn't it? It's not something else, right?