Is Debt Limit The Next Republican Economic Sabotage? [View all]

http://smirkingchimp.com/thread/dave-johnson/53825/is-debt-limit-the-next-republican-economic-sabotage

Is Debt Limit The Next Republican Economic Sabotage?
Economic Policy | Republicans
by Dave Johnson | January 24, 2014 - 9:42am

Republicans voted for a budget that caved in to many of their economy-sabotaging, hostage-ransom austerity demands. Now the “debt ceiling” has to be raised in February so the government can pay for that budget that Republicans voted for. Republicans are saying no way without a new ransom. Or they’ll blow up the economy. Even hinting at this is economic sabotage.

Debt Ceiling Must Be Increased In February

Treasury Secretary Jack Lew has announced that Congress must increase the debt ceiling by late February. Extreme measures that the Treasury takes to put off the need to sell some bonds to pay bills (authorized by Congress) will be used up and the country will no longer be able to honor its obligations.

Republicans, of course, immediately said they will hold the economy hostage, unless certain ransom demands are met. House Speaker John Boehner’s spokesman said, “… a ‘clean’ debt limit increase simply won’t pass in the House.”

Senate Minority Leader Mitch McConnell echoed, saying “I doubt if the House or, for that matter, the Senate is willing to give the president a clean debt ceiling increase.”




unhappycamper comment: When the neocons and dubya went to Congress for 'emergency supplimentals' to fund the Iraq and Afghanistan adventures (on the National Credit Card a.k.a. the Natinal Debt) they never mentioned paying for anything. IIRRC, Iraq and Afghanistan added around $4,000,000,000,000 (trillion) the the National Debt.