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Economics Discuss Republicans shrug off debt ceiling as economic organizations plea for swift resolutio at the Political Forums; With stocks tanking and the world watching, President Obama tore into House Republicans Tuesday, warning they were risking economic catastrophe ...

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Old 10-09-2013, 12:29 AM
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Default Republicans shrug off debt ceiling as economic organizations plea for swift resolutio

With stocks tanking and the world watching, President Obama tore into House Republicans Tuesday, warning they were risking economic catastrophe by refusing to hike the nation’s debt limit without strings attached.

But in a sign of just how far apart the sides are, several leading Republicans downplayed the potential fallout of an unprecedented national default that’s edging ever closer.

The Dow Jones stock index dropped 159 points, the second straight day of large losses, reflecting the growing anxiety of investors in the U.S. and around the world.

The International Monetary Fund added to the concern, warning that the failure to raise America’s debt limit by next week’s deadline could disrupt the markets, raise interest rates and plunge the U.S economy back into recession.

Obama strode into the White House briefing room a little after 2 p.m. and used words like “extortion,” “hostage-taking” and “insane” to describe Republican demands that legislation to end the eight-day government shutdown and raise the nation’s debt limit contain items from the GOP’s wish list.

“Imagine if a Democratic Congress threatened to crash the global economy unless a Republican President agreed to gun background checks or immigration reform,” he said. “I think it’s fair to say that Republicans would not think that was appropriate.”

“Let’s lift these threats from our families and our businesses, and let’s get down to work,” he said.

There was a glimmer of hope: Obama said for the first time that a short-term extension of government spending, which would allow the government to reopen, and a short-term extension of the debt limit, would be enough for him to enter into talks with Republicans over a longer-term deal.

“Reopen the government, extend the debt ceiling. If they can’t do it for a long time, do it for a period of time in which these negotiations are taking place,” Obama said.

“I’ll even spring for dinner again,” he joked, referring to his courtship of Republican senators last winter.

But House Speaker John Boehner (R-Ohio) appeared chilly to the idea.

“What the President said today was, if there is unconditional surrender by Republicans, he’ll sit down and talk to us. That’s not the way our government works,” Boehner said

Boehner added, “The long and short of it is, there is going to be a negotiation here. We can’t raise the debt ceiling without doing something about what’s driving us to borrow more money and to live beyond our means.”

Treasury Secretary Jacob Lew has said the deadline for Congress and the President to act is Oct. 17.

After that date, the government will lose the ability to borrow money and will have to rely on daily tax and other receipts to pay its bills — including interest payments on government bonds.

Such a scenario would trigger a default, officials say.

The pro-business U.S. Chamber of Commerce, which normally sides with Republicans, issued a warning Tuesday of the risks ahead.

“The debt ceiling specifically must pass on a timely basis to avoid inflicting substantial and enduring damage on the U.S. economy,” said Bruce Josten, the chamber’s chief lobbyist.


Republicans shrug off debt ceiling as economic organizations plea for swift resolution - NY Daily News




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Old 10-09-2013, 05:49 AM
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Default Re: Republicans shrug off debt ceiling as economic organizations plea for swift resol

Stupid
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Old 10-09-2013, 05:54 AM
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Default Re: Republicans shrug off debt ceiling as economic organizations plea for swift resol

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Originally Posted by Mikeyy View Post
Stupid
They have become the stupid party over the last few years. I think it is mostly due to the southern group of dems that left the democratic party after Johnson got civil rights bills passed. They have now taken over the GOP for sure.
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Old 10-09-2013, 06:04 AM
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Default Re: Republicans shrug off debt ceiling as economic organizations plea for swift resol

I think this strain of partisanship is related to the development of purely right wing media. They watch "Their own" news, websites. Listen to their own radio. It's an echo chamber where they support each others views and cheer each other on to the point where they are convinced their infallible. They are blinded by tunnel vision where thinking outside of this bubble is discouraged and ridiculed. You will become a RINO the minute you break from the "Group Think" When someone like Tom Coburn with a 100% conservative voting record is sidelined and Ted Cruz speaks for the party you can see the disconnect with reality.
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Old 10-09-2013, 09:23 AM
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Default Re: Republicans shrug off debt ceiling as economic organizations plea for swift resol

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Originally Posted by joec View Post
They have become the stupid party over the last few years. I think it is mostly due to the southern group of dems that left the democratic party after Johnson got civil rights bills passed. They have now taken over the GOP for sure.
Careful, you are not parroting the party line. The current propaganda is Tea Party extremists are the problem. Estimates vary between 30 and 90, but they are said to dictate policy despite their small number.
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