Are republicans willing to let the economy fail to win an election?

I'm not sure if this deserves its own thread so I will put it here.

Republicans pretty much abdicate responsibility for the debt limit.

http://www.msnbc.msn.com/id/43725919/ns/politics-capitol_hill/

McConnell proposes giving Obama debt ceiling power
Increase would take effect unless House, Senate enact legislation disapproving it

WASHINGTON — The top Republican in the Senate proposed on Tuesday giving President Barack Obama sweeping new power to, in effect, unilaterally increase the nation's debt limit to avoid a first-ever default on U.S. obligations.

The new mechanism would take the place of the current White House debt negotiations among congressional leaders and Obama. Those talks over spending cuts and tax increases have grown increasingly acrimonious.

Minority Leader Mitch McConnell, R-Ky., offered a new plan to allow the president to demand up to $2.4 trillion in new borrowing authority by the summer of next year in three separate submissions.

Those increases in the so-called debt limit would automatically take effect unless both the Republican-controlled House and the Democratic Senate enact legislation specifically disapproving it.
First Thoughts: Total stalemate

Obama would be able to veto such legislation. McConnell said he reluctantly offered the unusual proposal because it has become clear the negotiations with Obama are not going anywhere.

The Republican plan would require that Obama submit spending cuts along with his borrowing requests. But unlike the increase in the debt limit, they wouldn't automatically take effect.

Senate Majority Leader Harry Reid, D-Nev., said he had spoken briefly to McConnell about the idea and said he would consider it.

The sweeping new power would only be in effect through the remainder of Obama's term, which ends January 2013.

McConnell's plan would permit an immediate increase in the debt limit of $100 billion while Congress debates whether to disapprove of it.

An Aug. 2 deadline looms for Congress to raise the country's debt limit. Republicans are insisting on major budget cuts to reduce the swollen deficit. Obama and his fellow Democrats are also offering budget cuts but in tandem with tax increases that the Republicans say they won't support.

Both Democratic and Republican leaders agree the U.S. shouldn't be allowed to default on its obligations, which could skyrocket interest rates, send stock markets plunging and shatter faith in the world's No. 1 economy. The showdown comes as Obama and lawmakers head into next year's presidential and congressional elections.

McConnell offered the plan just a couple of hours before he was scheduled to go to the White House for the third round of budget talks in as many days.

"I had hoped all year long that the opportunity presented by his request of us to raises the debt ceiling would generate a bipartisan agreement that would begin to get our house in order," McConnell said. "I still hope it will. But we're certainly not going to send a signal to the markets and the American people that default is an option."

Treasury Secretary Timothy Geithner and other market experts have issued dire warnings of the effect a potential default would have on the still-struggling economy, including a downgrade in the government's AAA bond rating, higher interest rates and panic in financial markets here and abroad. Obama himself warned in a CBS News interview that he couldn't guarantee that government pension plan payments would go out as scheduled on Aug. 3.

An aide to House Speaker John Boehner, a Republican, said Boehner shares McConnell's concerns about the lack of progress in the talks. A spokesman for House Majority Leader Eric Cantor, a Republican, said Cantor feels that the McConnell proposal could be helpful.

 

So...the US shouldnt' be allowed to default, but Republicans need to be able to threaten default in order to get what they want.

That's like having your $350 bottle of Pinot and drinking it too.

 

Ah, who cares? They "both do it," right?

 

Just keep calling the Republican bluff. This debt ceiling garbage is straight out of the Gingrich playbook. Just hold steady and they'll cave.

I'm almost starting to think there's some hidden genius to Obama's position. Cave on everything and give the GOP everything they want but add a small tax hike. The GOP have gone so far off that they cant vote for any tax increase despite getting everything they want. So Obama looks like a guy who wants to compromise and the GOP looks like a bunch of nutjobs who cant even accept a one sided deal like this.

 

Given the ignorance and stupidity of voters in this country (which doesn't include the majority of Americans since we rarely do our civic duties), I'm not counting on Obama's caving in/compromising to expose the GOP for what they are: a party for a minority supported by a majority who foolishly think they can join the ranks of the minority one day.

The people who want the status quo will remain or return to power come 2012.

 

I was listening to the NPR story about the "Hell No Caucus" http://www.npr.org/2011/07/14/137832130/debt-ceiling-deal-hell-no-caucus-stands-firm

What might be particularly disturbing is that these guys are willing to let the economy fail to win an election they actually believe that without raising the Debt Ceiling the US won't default and things will be fine.

 

and that everyone will blame the black man in the white house.

 

The public seems to feel that the Republican Party is failing them by refusing to consider higher taxes on the wealthy as part of a deal reduce the budget deficit. Some numbers:

Americans are unimpressed with their political leaders' handling of the debt ceiling crisis, with a new CBS News poll showing a majority disapprove of all the involved parties' conduct, but Republicans in Congress fare the worst, with just 21 percent backing their resistance to raising taxes.

President Obama earned the most generous approval ratings for his handling of the weeks-old negotiations, but still more people said they disapproved (48 percent) than approved (43 percent) of what he has done and said.

Congressional leaders' inability to convince their own party members that concessions are necessary is likely driving the dismal approval for lawmakers involved in the testy negotiations.



http://www.cbsnews.com/8301-503544_162-20080250-503544.html


While the public isn't crazy about the approach anyone has taken to solving this problem, they are far less dissatisfied with President Obama, and have less disapproval of the job congressional Democrats are doing, compared to their Republican counterparts.

Will this majority in the House and gains in the Senate prove just as fleeting for Republicans as they proved to be for Democrats two years earlier? I think it is entirely possible. And if Rick Perry ends up with the GOP nomination, as some, like Batman, seem to think, look for Obama to hammer him. Unlike in Texas, where Perry hasn't had opposition facing him in his reelection bids worth mentioning (White had the charisma of a Houston Toad, who are endangered, poor things), with his opponents' campaign funding a fraction of his own, President Obama will have huge amounts of cash, and a readiness to spell out just how horrific Perry's record is in Texas, his assault on education and funding for children and the elderly, who his radical moneymen are, and Perry's tendency to wallow in curruption.

Perry running for President? Bring it on!

 

so now they are ready to pass a bill with only $1.5 trill in cuts. reid is ready to sign off with mcconnell. if that passes both houses it puts obama in a bad position because polls do show that americans want revenue added. i think he should try to hold on some loop holes, particularly oil.

 

I don't really give a **** what the public thinks about the problem, when I see polls saying that anywhere from a quarter to a half the public is willing to default, it pretty much indicates to me that the public is way too low information about this to bother listening to.

 

Bohner walks out again last night. these guys are gonna ruin their party

 

wouldn't be surprised, since they are coming off extended tax cuts, they have to come back home with something, but that would be just stupid. two different issues. but the point is now that americans are in favor of letting cuts expire they think they can get something in their favor that americans want like no mandate

 

Really? What is wrong with people in the house? And Boehner is considered less crazy than the tea party clowns.

What a joke.

 

I don't think that was what happened. I think it was because they were still 400 billion apart on the revenue side. Yes - they tried to pull the healthcare crap but from what I read, that wasn't the reason for the blowup.

Pretty lame to throw that into the ring at this late hour though.

 

i think at this point it would help the GOP as a whole to "cave in" - as some would phrase it.

Seems like there is a difference between helping the GOP as a whole politically and helping the new "tea-party" freshmen. A default will kill the GOP as a whole (from what I've seen on the polls) - but will probably allow a lot of the tea-party to win their primaries in 2012 over less ideological candidates.

 

http://www.politico.com/news/stories/0711/59580.html

http://ac360.blogs.cnn.com/2011/07/...could-make-examples-of-you-over-debt-ceiling/

Seems like the Tea Party has turned into an uncontrollable beast.