Debt Ceiling Attack
By U.S. Republicans 'Backfires'
face of looming defeat, the Republican's foot soldiers are threatening to
mutiny against their leadership. The only open question is whether in their
fervor, they will risk political suicide and drag the global economy into the
abyss with them. They haven't much time left to see sense."
Republican House member Michele Bachmann leads the House Tea Party Caucus and is leading in Iowa's Republican straw poll. But her assertion that damage would be minimal if the U.S. fails to raise its debt ceiling is at odds with almost every economist outside of her Tea Party faithful.
Republicans wanted the
dispute over the debt ceiling to get Obama into trouble, but they’ve ended up
Now things have gotten serious
for Uncle Sam. The credit ratings agency Moody's, FED Chairman Ben Bernanke and
America's largest creditor, China, are warning against the disastrous
consequences of a federal default. This view is also shared by business groups,
who see America's creditworthiness at stake if Washington can't pay its bills.
The responsibility for this
precarious situation lies with Republicans who, driven by the energy of the Tea
Party newcomers, roared into a battle from which they can only emerge the losers.
Their battle cry of "no
new taxes" against the backdrop of the enormous debt the superpower has
amassed is as delusional as the threat of national bankruptcy is irresponsible.
Should Social Security checks fail to go out on August 3rd, those affected will
point their fingers at the people responsible - the Republicans. With every
passing day of this countdown toward insolvency, President Barack Obama's
political position gets stronger.
The Republicans called for debt
reductions of $2 trillion within ten years - and then the president offered $4
trillion. The president has therefore managed to expose the ideological
stubbornness of his opponents.'
Obama now look like the
statesman who is serious about saving, while the Republicans come across as
narrow-minded lobbyists out to defend tax breaks for billionaires. While junior
members of his party were still negotiating over concessions with the White
House, Senator Mitch McConnell understood how hopeless the situation was and offered
Obama the equivalent of an unconditional surrender.
In the face of looming
defeat, the Republican's foot soldiers are threatening to mutiny against their
leadership. The only open question is whether in their fervor, they will risk
political suicide and drag the global economy into the abyss with them. They
haven't much time left to see sense.
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