Republicans continue to blackmail America, holding the good faith and credit of the United States hostage, an act of political terrorism. Many have falsely stated that failure to raise the debt limit, prior to default, would not be such a bad thing, and have accused Obama of lying. Ironically, Obama was not the first or only President to issue such dire warnings. Guess who else?
Several prominent congressional Republicans have dismissed the Obama administration’s claim that the country would face dire consequences if Congress does not vote to raise the federal limit on government borrowing by August.
But an icon of the Republican Party – former president Ronald Reagan – warned Congress during his presidency that a failure to raise the debt limit could also cause a financial catastrophe.
In a November 1983 letter to then-Senate Majority Leader Howard H. Baker Jr. (R-Tenn.), Reagan warned that without a higher debt ceiling, the country could be forced to default for the first time in its history.
Reagan wrote: “The full consequences of a default – or even the serious prospect of default – by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar.”
Treasury Secretary Timothy F. Geithner has issued similar admonitions to Congress in recent months. On Monday, U.S. borrowing is set to reach the $14.3 trillion limit, but Geithner is launching a series of special measures that will delay the day of reckoning until Aug. 2. Geithner says the United States will then begin to default on its obligations.
But GOP lawmakers in both chambers have not been so sure… [emphasis added]
Inserted from <Washington Post>
That’s right! It was Ronnie Ray Gun, patron saint of the Republican party, bearing in mind that Republican saints may sport horns and cloven hooves. 😈
Seriously, what Republicans fail to recognize or refuse to admit is that raising the debt limit has nothing whatsoever to do with what we will or will not spend. It is an acknowledgement that we will pay the bills for what we already have spent.
10 Responses to “Republicans Ignore Patron Saint on Debt”
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What I find odd is that they too realize (even the tea baggers) what a default would mean but because of their racism and lust for complete control over a vastly enlarged government they simply do not care about wiping out trillions of dollars of middle class what’s left over from the last upward shift of wealth.
Mark I agree, but I’m confident that the leadership will back down. Banksters would be the first harmed.
I’m curious to know who the Repubs are going to get to do their lawn work, bake their bread, do their laundry, check them out at the grocery, clean their teeth, groom their pooches, repair their Mercedes, babysit their Trust Fund Babies, deliver their mail, teach their little darlings to use two syllable words, repair their roads, and buy their companies’ cheaply made Chinese goods….when all that is left is white, conservative “Christian”, gun toting, wealthy McMansion owners. Everybody else is unemployed, dying, or too old to do the heavy work.
They never did think beyond the “ME” and “NOW.” 😉
Illegal immigrants. They can pay them far less due to the threat of deportation.
BUT….it is only the RIGHT decision if a REPUBLICAN opts to raise the debt ceiling, or taxes, or spend frivolously…..who ever heard of a LEFT decision??? See? ‘THEY” must be right! THIS is truly Conservative logic! ;-)))
Bingo!
They (the Repubs) raised the debt 7 times during Bush’s administration without batting an eye. But now that there is a Dem for a president, they are holding the debt ceiling over his head. Boner is talking about TRILLIONS in cuts – really, where are you going to get that kind of money asshole. The only thing left is the military and bringing the troops and all our shit home and they wouldn’t dare think of that.
The S&P has already threatened to downgrade our debt if the ceiling is not raised. If you thought the banksters caused a world wide meltdown, that would be NOTHING compared to what would happen if we defaulted on our debt. You want to take the US down to a 3rd world status, go right ahead because the dollar will become useless and everyone we trade with will switch to euros and we will be fucked. This is a stupid game of head on collision that these Repubs are playing, and it’s not going to end well if we default on the debt.
Democrats must not cave in. Republicans will back down. They don’t want the Banksters decimated. The biggest threat is that one lone Senator, like Rand Paul, will block it.
It should also be pointed out that Ronnie Raygun had a real racist streak in him – and the jingoistic Neo-Cons (who luvs ’em sum WAR WAR WAR) would appreciate the second part of this quote:
http://www.time.com/time/magazine/article/0,9171,922113,00.html
Of course he did. I can think of few Republican Presidents that didn’t.