(I realize that quoting Andrew Sullivan around here is the equivalent of throwing chum in the waters, but I thought this was a very good summary of the GOP's position on the debt limit.)
http://andrewsullivan.thedailybeast.com/2011/06/boehners-economic-terrorism.htmlWe have a potential catastrophe of national default, an event whose consequences are unknowable but which could quite easily wreck the US and global economies, profoundly damage people's savings, raise interest rates and destroy jobs for a very long time. In most countries, the goal of the entire political class is to avoid such a thing if at all possible. Greece is currently facing down riots in order to slash its deficit. Britain is entering a period of profound austerity. All of this pain is to prevent the worst possible crisis to hit a country: default. All responsible politicians understand this is something to be avoided at all costs. Conservatives especially see any weakening of the full faith and credit of sovereign governments or the EU as very destabilizing to growth and democratic stability.
So here we are in the USA, with our own awful debt crisis, and the possibility of default and one of the two major parties is saying effectively: bring it on.
(snip)
For the GOP to use the debt ceiling to put a gun to the head of the US and global economy until they get only massive spending cuts and no revenue enhancement is therefore the clearest sign yet of their abandonment of the last shreds of a conservative disposition. A conservative does not risk the entire economic system to score an ideological victory. That is what a fanatic does. And when that fanatical faction was responsible for huge spending binges in the recent past, for two off-budget wars costing $4.4 trillion, a new Medicare benefit, and tax revenues at a 50-year low relative to GDP and tax rates below the levels of Ronald Reagan, this insistence is lunacy, when it isn't gob-smackingly hypocritical. I say this as someone who was railing against too much spending when these people were throwing money away like it was confetti. "Deficits don't matter," remember?
(snip)
It seems to me there are two options the president can take. The first is what you are told to do when a criminal or terrorist holds a gun to your head. You surrender.... The second option is to bypass them, invoke the 14th Amendment, and order the Treasury to keep paying its debts because an extraordinarily reckless faction wants to destroy the American economy in order to save it (and pin the subsequent double-dip recession on Obama).
(snip)
What you probably cannot do is negotiate with economic equivalent of terrorists. What Cantor and Boehner are doing is essentially letting the world know they have an economic WMD in their possession. And it will go off if you do not give them everything they want, with no negotiation possible. That's the nature of today's GOP. It needs to be destroyed before it can recover.
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