Dec 062012
 

Republicans seem willing to go to any lengths to get their way.  They tried in the courts, and failed.  They tried at the polls and were rejected, despite their best attempts at election theft.  They went to the court of public opinion and have been opposed two to one.  It appears that their only way forward is to commit economic terrorism against the American people.  The last time, they succeeded, although it was a pyrrhic victory, because exposing themselves cost them dearly politically.  Nevertheless, they appear willing to try again.

GOPTerrorRepublicans clearly sense that they are being outmaneuvered in the fiscal talks by the Obama administration, unable to stop the inevitable rise in tax rates for the rich. But they have one last card to play and they intend to use it, knowing it will endanger economic progress: They are threatening once again to default on the credit of the United States if President Obama doesn’t do their bidding.Party officials say that if they do not reach an acceptable deal with the White House this month, they will wait until the country reaches the debt ceiling early next year, then refuse to lift it until they get their way on cuts to spending and taxes, The Times reported on Wednesday.

Apparently, they learned nothing from the debacle of 2011, when they first tried this extortionate tactic. The nation lost its AAA credit rating, stock values plunged, and the approval rating of Congress sank to historically low levels. Republicans portray themselves as spending hawks, but that episode cost the Treasury $1.3 billion in higher borrowing costs in 2011, according to the Government Accountability Office. Last week, the Bipartisan Policy Center estimated that the 10-year cost of higher interest rates was $18.9 billion.

Republicans savor that potential catastrophe, caring only that the threat won them $2 trillion in spending cuts over a decade from Mr. Obama. Now they want to do it again, and this time they want something the last agreement missed: big cuts to Social Security, Medicare, Medicaid and other programs that primarily benefit middle- and low-income people. Grover Norquist, who leads the party’s anti-tax cult, even suggested that the debt limit be raised only enough to get through a month at a time, so that Republicans can maximize their blackmail power… [emphasis added]

Inserted from <NY Times>

Chris Hayes discussed the problem along with one rather extreme solution.

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I don’t know, if a $1 trillion coin is the answer, but the author of the Times article did make reference to the Fourteenth Amendment, so I followed it up. Here is the text of section 4.

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void… [emphasis added]

In fact, Republican refusal to raise the debt limit is unconstitutional, because it clearly violates Section 4 of the Fourteenth Amendment.  If Republicans do attempt to terrorize America again, Obama should claim emergency power to raise the debt limit over Congressional objection by executive order, because he is obligated by oath to protect and defend the Constitution of the United States.

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  23 Responses to “No More Economic Terrorism!”

  1. In fact, Republican refusal to raise the debt limit is unconstitutional, because it clearly violates Section 4 of the Fourteenth Amendment.  If Republicans do attempt to terrorize America again, Obama should claim emergency power to raise the debt limit over Congressional objection by executive order, because he is obligated by oath to protect and defend the Constitution of the United States.per TC
     
    The time has come I think- The President has the bully Pulpit and  'the big stick"   –I believe he will have the support of the majority in using it—
    Personally I am fed up to the teeth with the Repig shenanigans—- More damm housekeeping is coming— Sweep all the MF Jerks out– and start clean—

  2. Sweep all the MF Jerks out– and start clean—

    Phyllis
    I totally agree and believe it's the only solution…. :mrgreen:

  3. I'm watching all the "West Wing" episodes again. In Season 5 (you can tell how I'm spending my time), the showdown between President Bartlett and the Republicans was over a Continuing Resolution to keep the government running. Bartlett said 'no' when the Republicans kept upping the ante (1% cut to 3% cut). Bartlett went to them and, stopping along the way, was advised to walk to the Cap Bldg. The Press got their teeth into it fast and Barlett showed himself as the hero. When he got there, the Repubs made him sit in the lobby while they decided how much they were going to bleed him for. Before they came out of the caucus room, Jeb left the building showing them for the fools and idiots they were. Then the Speaker had to come to him in the Oval Office. It was magnificent! I wish President Obama would watch WW to see how we want our President to be.
    I hope President Obama lets the Republicans drop off the cliff all by themselves. The people know who to blame. And, yes, let's get rid of the debt ceiling vote.
     

  4. The whole debt limit argument is bogus.  It has nothing to do with spending. The money is already spend. 
     
    The place to limit spending is in the House where all spending bills originate.  Who controls the House?  Republicans.  Who is trying to control spending?  Democrats.  How?  With Paygo under Clinton.  It worked. We had a surplus.  Republican blew up Paygo, and spend large amounts of money we did not have.  Now, Obama has instituted Pay As You Go, another attempt to force republicans to pay for what they appropriate. 
     
    We don't need a debt ceiling.  We need responsible republicans.

  5. I, and many others are sick to death of the Republican games and efforts to control the country.  Do they not realize they have spent their capital and are not winning?  The President needs to hold firm and use executive privilege if necessary. He has shown no reluctance to use it on unnecessary bills that effectively put eyes and ears on all Americans via the internet, and with the drones, the skies.

  6. Republicans portray themselves as spending hawks, …

    But only to get what they want!  That is some increase in military spending, a pet Republican/Teabagger spending area.  But when it comes to social programmes, slash and burn is the order of the day!  What was the phrase used in one of yesterday's pieces — Steve Clemons layed it out well  on the Rachel Maddow Show when he said "This is a branch of the GOP that doesn't represent all Republicans, but this is the pugnacious, obnoxious, nationalist wing  that really resents any international deal making . . ." — and although this was in response to the UN treaty to protect the rights of people with disabilities, the attitude is prevalent in everything they do.
     
    Very interesting listening to Chris Hayes.   As he says, the money is spent.  This is about paying the 'credit card debt'.  And as you say TC,

    In fact, Republican refusal to raise the debt limit is unconstitutional, because it clearly violates Section 4 of the Fourteenth Amendment.  If Republicans do attempt to terrorize America again, Obama should claim emergency power to raise the debt limit over Congressional objection by executive order, because he is obligated by oath to protect and defend the Constitution of the United States.

    I wonder if Mr Obama does this, will this shut down Norquist and his suggestion to go month to month — talk about obstructionist ways.  And the Republican/Teabaggers claim that Mr Obama is ignoring the constitution!  Such malarkey!  As Nancy Pelosi and some others have said, the debt ceiling has been around for about 100 years and only once has there been a problem — 2011.  Perhaps given the pugnacious and obnoxious nature of the GOP, maybe it is time to work towards getting rid of the debt ceiling that  the House imposed on itself.  Trouble is, at this point in time, there aren't enough aye votes, but 2014 is coming!

    • They are spending hawks on spending that benefits the American people.  On spending that benefits millionaires, billionaires, and corporate criminals, they are the polar opposite.

  7. If you ask me, the RepublicanTs are like lemmings following Grover Norquist off a cliff.

  8. Are they really that freaking stupid?  They lost the election.  They have to know the people are not behind them because they've been whining incessantly about "how America let us down."  I think Obama should let them hang themselves with this.  
    This is just republicans in their party's death throes.  
     
    And when do we get to "self-deport" the seceder wanna bes?