Another Republican Hostage Plot

Republicans have been feeling the effects of their attempt to end Medicare and other draconian measures, and have taken hits on national, state and local levels.  In yet another act of political terrorism, the latest Republican plot is to hold our nation’s honor and good credit hostage until Democrats join the Republican assault on Medicare.

Rachel Maddow sets the stage, by reviewing how disastrous May has been for Republicans and then discusses this and other issues with Anthony Weiner (D-NY).

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That’s right.  Republicans are trying to shift public blame for their Medicare misanthropy, by attempting to force Democrats to join them through blackmail.  They want to be able to say that Democrats joined them because it was necessary, thus absolving themselves of well-deserved guilt.

Senate Minority Leader Mitch McConnell (R-KY) says substantial Medicare cuts must be part of a spending and deficit cut package to get his support to raise the debt limit.

In a Capitol briefing with reporters Friday, McConnell declared affirmatively that unspecified Medicare cuts are on the table in bipartisan debt limit negotiations, led by Vice President Joe Biden, and he expects they’ll be part of the final deal. But in response to a question from TPM, he went further than he has in the past in laying down a marker on that issue. Medicare cuts must be part of that deal to get his support, he says — even if negotiators manage to find trillions of dollars in savings elsewhere, even if his other priorities are met.

"To get my vote, for me, it’s going to take short term [cuts, via spending caps]… Both medium and long-term, entitlements.," McConnell said. "Medicare will be part of the solution."

To clarify, I asked "[I]f [the Biden group] comes up with big cuts, trillions of dollars worth of cuts, but without substantially addressing Medicare, it won’t get your vote?"

"Correct," McConnell said… [emphasis added]

Inserted from <TPM>

If Democrats cave-in, they will lose all the political advantage they have gained.  Every time Democrats surrender to Republican terrorism, they lose support.  So lets look at the options.  If Democrats hold fast, and Republicans actually follow through on this threat, which is doubtful, it will be a tragedy for America, but it will be a bigger tragedy for the Republican Party.  If Democrats cave-in, it will be a victory for the Republican party, a tragedy for the Democratic Party, and the biggest tragedy for America, because it will help establish Republican rule.  Assuming the worst, caving in is the greater tragedy for America.  However the reason that Republicans are not likely to follow through is this.  If America cannot pay all our debts, the value of treasury securities will plummet.  Banksters are required to carry cash reserves, and they carry them in treasury securities to gain the interest.  If the value of those securities collapses, it will decimate the Banksters.  So Democrats must not give Republicans an inch.