Political Theatre: Comedy or Tragedy?

Yesterday House Republicans trotted out the dogs and ponies for a sham vote on increasing the debt ceiling.  They took no chance that it might pass, by bringing it to the floor under a rule that required a 2/3 majority.  They held off until the markets had closed, and announced to Wall Street that they had no intention to allow the US to default.  I understand that someone in the US Chamber said that Wall Street got the joke.  Republicans goose-stepped as one, voting no.  The Democratic vote was split, but how your Democratic Representative voted is unimportant.  Those who voted no were just refusing to play the Republican’s game.

The House overwhelmingly refused to raise the nation’s borrowing ability Tuesday — a largely symbolic vote designed to bolster Republican arguments that a successful measure must include deep spending cuts and sweeping policy revisions.

The vote was never intended as a final decision on raising the government’s debt ceiling, but as a step in the political process leading to Aug. 2. That’s when budget officials project they will need to borrow more than the current ceiling of nearly $14.3 trillion.

Failure to increase the borrowing capacity would result in a first-ever federal default, which experts predict would lead to turmoil in financial markets and severe economic consequences.

House leaders took steps to assure Wall Street that Congress does not intend to risk default, reaching out to market leaders before Tuesday’s vote — which was scheduled in the evening, after U.S. financial markets had closed.

"Today, we are making clear that Republicans will not accept an increase in our nation’s debt limit without substantial spending cuts and real budgetary reforms," said Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee.

Democrats charged that Republicans were playing with fire as they tried to force GOP priorities, including the Republican proposal to revamp Medicare, into the budget talks.

"This is a political stunt," said Rep. Chris Van Hollen (D-Md.). "This is about threatening to default on the full faith and credit of the United States unless we put in place a Republican budget."… [emphasis added]

Inserted from <LA Times>

Of all coverage I encountered, Rachel Maddow did the best analysis.  Here she breaks down this Republican subterfuge in depth and interviews Rep. Peter Welch (D-VT)

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Democrats need to stand pat.  Republicans will not refuse to raise the debt ceiling in time, no matter how much they say otherwise.  If they do, their Bankster butt buddies are royally screwed.  They are too well bought to let that happen.  These Republicans are lying hypocrites!