Wednesday, July 13, 2011

Debt Limit Lock

From here (in relation to Republican threats over the debt ceiling limit):
As former Senator Phil Gramm once told us, never take a hostage you're not prepared to shoot.
Would Republicans do such a thing? Kevin Williamson doubts it as he notes that the GOP is profoundly unserious about the whole situation (though not quite so much as the Democrats, for what that's worth):
Federal spending in 2012 is expected to hit 23.6 percent of GDP, but tax revenue is only going to hit 16.6 percent. That’s bad. (Real bad.)
He goes on to note that the Republicans do not want tax increases, but they've not submitted a budget where spending is anywhere near 16.6 percent of the GDP (the Democrats for their part would no doubt love to try and snag 23.6 of the GDP for revenue, but the Federal Government has never been able to collect nearly that much).

For my own part, despite what Republicans may think, I don't think that the work to prevent financial Armageddon will get any easier than it is now - they only need to not pass the debt ceiling increase.  Adding more Republicans to the Senate or one to the presidency isn't going to suddenly make the pain of equalizing income to spending any easier.  If anything, the lack of ability to deflect blame will make it harder.

Thus the Republicans should 'shoot the hostage' and put an end to this farce.

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