Walking Away From The Truth: GOP Playing With Matches On The Debt
Just ignore Tuesday’s vote against raising the debt ceiling, House Republican leaders whispered to Wall Street. We didn’t really vote against it, members suggested; we just sent another of our endless symbolic messages, pretending to take the nation’s credit to the brink of collapse in order to extract the maximum concessions from President Obama.
Once he caves, members said, the debt limit will be raised and the credit scare will end. And the business world apparently got the message. It’s just a “joke,” said a leader of the United States Chamber of Commerce, and Wall Street is in on it. Not everyone found it funny.
No matter how they tried to spin it, 318 House members actually voted against paying the country’s bills and keeping the promise made to federal bondholders. That’s an incredibly dangerous message to send in a softening global economy. Among the jokesters were 236 Republicans playing the politics of extortion, and 82 feckless Democrats who fret that Republicans could transform a courageous vote into a foul-smelling advertisement.
The games that now pass for governing in an increasingly embarrassing 112th Congress are menacing the nation’s future. It was bad enough when Republicans threatened to shut down the government to achieve their extreme and extremely misguided spending cuts, but that threat would have caused temporary damage. The debt limit is something else altogether. If the global credit markets decide that the debt of the United States will regularly be held hostage to ideological demands, it could cause significant harm to investment in long-term bonds and other obligations. That, in turn, could damage domestic credit markets and easily spark another recession.
To prevent this from happening, 114 Democrats in April asked for a “clean” vote without conditions. But Republicans were not about to set their hostage free. Knowing that the clean vote would not pass — and imposing a two-thirds majority requirement to ensure its failure — House Republicans gave the Democrats what they requested. They then voted it down, sending their reckless message to the world.
But there was no excuse for so many Democrats to go along with that message, including the leadership. Steny Hoyer, the minority whip, urged his members to vote no so they would not “subject themselves to a political 30-second ad attack” with all Republicans voting no. Apparently Mr. Hoyer did not trust voters to understand what a dangerous and dishonest game the Republicans are playing.
The exercise has prompted the White House to convene talks to discuss the Republicans’ scattershot demands, which have ranged from trillions in spending cuts to the outright dismantling of vital safety-net programs like Medicare and Medicaid. Democrats have hoped to get an increase in revenues out of any deal, but House Republican leaders emerged from a White House meeting on Wednesday spouting the usual discredited claims that higher taxes on the rich would impede job growth.
What Republicans seem unwilling to acknowledge is that the debt-limit debate is not about future spending. It is about paying for a deficit already incurred because of two wars and tax cuts approved by both Republicans and Democrats at the behest of a Republican president. Tuesday’s vote was a chance to do the right thing and educate the public on why it was necessary. Instead, too many lawmakers walked away from the truth.
June 2, 2011 - Posted by raemd95 | Congress, Conservatives, Debt Ceiling, Deficits, Democrats, Economy, Elections, GOP, Government, Government Shut Down, Ideologues, Ideology, Medicaid, Medicare, Politics, President Obama, Republicans, Right Wing, Taxes, Voters | Bonds, Bush Tax Cuts, Credit, Debt Limit, Global Economy, House Republicans, Revenues, Social Safety Nets, Spending Cuts, Steny Hoyer, Tax Increases, Tax Revenues, U. S. Chamber of Commerce, Wall St.
1 Comment »
Share your comment Cancel reply
Share This Blog
- “They Just Can’t Make Up Their Minds”: Let The Inevitable GOP Overreach Commence May 18, 2013
- “Not Half As Clever As They Think They Are”: Does Anybody In Washington Know How To Run A Conspiracy? May 18, 2013
- “Uniquely American And Uniquely Stupid”: The Makings Of The Next Debt Ceiling Debacle May 18, 2013
- "Scandalous vs. Scandal Lust": Chasing Smoke And Finding Little Fire
- "Incompetent Malice": Editing Emails While Diplomatic Security Burns
- "Not Half As Clever As They Think They Are": Does Anybody In Washington Know How To Run A Conspiracy?
- "The Real IRS Problem": The Post Citizens United Explosion Of Undisclosed Political Campaign Spending
- "Uniquely American And Uniquely Stupid": The Makings Of The Next Debt Ceiling Debacle
TagsAffordable Care Act Bain Capital Bush Tax Cuts Congress Conservatives Contraception Democrats Economic inequality Economy Foreign Policy Fox News George W. Bush GOP Gun Control Health Insurance Health Reform House Republicans Jobs John Boehner John McCain Low Income media Medicaid Medicare Middle Class Mitch McConnell Mitt Romney National Rifle Association Newt Gingrich Paul Ryan Politics Racism Republicans Rick Santorum Right Wing Rush Limbaugh SCOTUS Senate Spending Cuts Tax cuts Taxes Tax Revenue Teaparty uninsured Wall Street
- "@BuzzFeedAndrew: Darrell Issa aware of IRS investigation since last July. buzzfeed.com/andrewkaczynsk…"----------- 2 hours ago
- "They Just Can't Make Up Their Minds": Let The Inevitable GOP Overreach Commence wp.me/pIVTG-5kK----------- 13 hours ago
- "Not Half As Clever As They Think They Are": Does Anybody In Washington Know How To Run A Conspiracy? wp.me/pIVTG-5kC----------- 14 hours ago
- "Uniquely American And Uniquely Stupid": The Makings Of The Next Debt Ceiling Debacle wp.me/pIVTG-5kG----------- 14 hours ago
- "Scandalous vs. Scandal Lust": Chasing Smoke And Finding Little Fire wp.me/pIVTG-5kw----------- 15 hours ago