Are Republicans really going to blow up the economy in the debt-limit fight? All signs point to yes. On Sunday, Republican Congressman Matt Salmon called on his colleagues to shut down the government unless President Obama agrees to significant spending cuts to Social Security and Medicare Insurance. Also – Senate Minority Leader Mitch McConnell refused to say whether or not his party will shut down the government if they don’t get what they want in upcoming budget battles.
Unlike government shutdowns in the 1990’s, allowing the United States to default on its debt, by not raising the debt-ceiling. would be catastrophic to the global economy. Just playing with the idea back in 2011 led markets to tumble and our national credit rating to be downgraded. But Republican hostage takers are undeterred – and the cable news media is giving them cover, by not calling our just how dangerous their brinksmanship is.
President Obama must listen to Democrats in the House like Nancy Pelosi and Jerrold Nadler, who are pushing him to not negotiate with Republicans on the debt limit, and instead take executive action to raise the debt-limit on his own: either through invoking the 14th Amendment or by printing platinum coins at the Treasury.
The United States has long had a policy of not negotiating with terrorists. Today – Republicans are acting like economic terrorists – and could do far more harm to our economy by defaulting on our debt, than al Qaeda could have dreamed of. We should not negotiate with them.
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