In the next couple of months, Congress will need to vote to increase the debt ceiling. Steve Benen summarizes what is at stake.
House Speaker John Boehner (R-Ohio) recently said failing to raise the debt limit "would be a financial disaster, not only for us, but for the worldwide economy." Sen. Lindsey Graham (R-S.C.) said failure to raise the debt limit would lead to "financial collapse and calamity throughout the world." Fox News' Charles Krauthammer said the consequences would be "catastrophic." Fox News' Dana Perino said Republicans are inviting "economic disaster." George Will said policymakers would have to be "suicidal."
And yet, here's what Republican Minority Leader Mitch McConnell said on Fox News yesterday.
There are 53 Democrats and 47 Republicans. My prediction is not a single one of the 47 Republicans would vote to raise the debt ceiling unless it includes with it some credible effort to do something about our debt.
So what McConnell is saying is that the Republicans are willing to hold the financial stability of the entire global economy hostage unless he gets his way.
Do you think he's really concerned about the US debt? If so, you have to wonder why he supported those tax breaks for the wealthy that raised it by $700 billion. And you have to wonder why he voted for GWB's Medicare Part D program for prescription drugs that was completely added to the debt. And why he voted to repeal health care reform - a move that would add billions to the debt.
No, this isn't about the debt. Its about the Republican strategy of being willing to risk calamity on the world in order to bully their opponents.
Its dangerous and the American people shouldn't stand for it.