The House Republicans are going to destroy our country’s credit rating because they don’t seem to understand how credit ratings are determined. Take a look at this:
On the debt ceiling, [House Majority Leader, Eric] Cantor said the House will consider the Full Faith and Credit Act, H.R. 807. This bill, from Rep. Tom McClintock (R-Calif.), would require the government to prioritize interest payments on government debt if the debt ceiling is hit. “I expect the House to consider legislation in this area in the near future,” he wrote.
The government has the potential to bump up against the ceiling in May. Earlier this year, Congress passed the No Budget, No Pay Act, which suspended the debt ceiling limit through May 18.
On May 19, the debt ceiling will be equal to the level of debt accumulated by that date, which means Congress will be under pressure to act before then to increase the ceiling again.
But House Republicans have already said they would be looking for a deal to cut a dollar of spending for every dollar increase in the debt ceiling. That sets up a fight with Democrats, who will likely push for a clean extension that does not require spending cuts.
Our credit rating is based on the likelihood that we will pay all our bills on time. Even the suggestion that we might “prioritize” our payments is an invitation to downgrade our credit rating. The last time the House Republicans played around with the debt ceiling our credit rating was downgraded even though we never had a late payment. It was downgraded because it was evident that the House Republicans are insane and might “prioritize” our debt payments in the future, which is exactly what is being discussed now.
This kind of behavior is so unpatriotic and dysfunctional that it is actually an invitation to dictatorship. If our democracy is this suicidal, at what point do we just say that we won’t allow Congress to shoot us in the head?
Call them what they are: domestic terrorists.
Round them up, send them to Gitmo and leave them there to rot.
Yeah, well, then we’re in the position of having to defend President Obama for dictatorial actions. (Though I share your frustration and anger.)
I don’t expect it to happen—mostly because it’s hard to imagine Democrats in Washington being able to maintain the party unity they’d need to carry it out—but I’ve thought for some time that this spring is the best chance Democrats will have to draw some “lines in the sand” with Republicans. For example:
*Refuse to vote for anything but a “clean” debt ceiling bill;
*Change Senate rules to limit or eliminate filibusters (at least on executive appointments), holds and other Senate customs that Republicans now exploit and use as a matter of course;
*Refuse to vote for further spending cuts.
The let the consequences fall where they may. The US failing to pay its bills and getting its credit rating slashed. A widescale “government shutdown” when Republicans won’t compromise on the budget. Howls of outrage and indignation over Senate rule changes.
By the time the 2014 election comes around, most voters will have forgotten all about it…except for how crazy the Republicans were/are.
Telling the difference between posturing and real policy goals has become very difficult recently. Would the R’s actually pass Ryan’s budget if they knew it would become law? Signs point to no. When Boehner says the budget conciliations Obama has offered don’t merit consideration, is this just a negotiating tactic? Will the R’s really risk our reputation to cut entitlements they way they want? I don’t remember politics ever being so full of bullshit. Used to be folks would say what they meant, and either you agreed with them or not.
I don’t remember a politics where folks would say what they meant and either your agreed or didn’t. (FDR’s a great example—his closest aides couldn’t figure out what his position was half the time.)
I’m curious: what signs do you see that Republicans wouldn’t pass the Ryan budget? House Republicans seem quite happy to vote for it (with a few exceptions).
This is a matter of determining the degree to which the modern GOP has adopted posture as policy. If the past is a predictor, they would abandon all talk of balanced budgets once back in power and start deficit spending like crazy. But the leadership has lost control of this caucus, and it isn’t your father’s GOP anymore. Hard to say.
Boo:
Have you been paying any attention to the Twitter machine tonight? Even Jose Canseco(Yes, that one!!) knows Chained-CPI is a crap sandwich.
Which is one of the reasons I’d love to see the Dems play hardball. Make Republicans put up or shut up. (Because, as with the Gingrich government shutdowns, I don’t think they’re willing to live with the consequences of their actions.)
It’s even worse than that. A change in the credit rating is not required for our debt to cost us more. Simply continuing with the posturing and playing chicken with the debt ceiling causes investors of treasuries to demand a higher interest rate. Sooner or later taxpayers have to make up that increase.
Some time last year the GAO said that we paid AT LEAST another 1.3 billion for the idiocy.
http://www.washingtonpost.com/blogs/wonkblog/wp/2012/07/23/gao-debt-ceiling-fight-cost-taxpayers-at-
least-1-3-billion/
US taxpayers are already paying for the GOP foolishness.
“For when the credit of a country is in any degree questionable, it never fails to give an extravagant premium, in one shape or another, upon all the loans it has occasion to make.” — Alexander Hamilton
A reminder: The debt we have was created by the Republicans! They are deadbeats. They charge all their expenses and then refuse to pay their bills
Pure obstruction and fascist bullying. Repugs are determined to bring on a financial collapse. All the while they encourage gun ownership and discourage voting. A great way to end a democracy. Bunch of traitors. They only use the flag as a propaganda device. They care little about the people of the United States or our standard of living.