{"id":3308,"date":"2010-11-08T02:19:15","date_gmt":"2010-11-08T10:19:15","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=3308"},"modified":"2010-11-08T02:20:07","modified_gmt":"2010-11-08T10:20:07","slug":"republicans-threaten-shutdown-default","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2010\/11\/08\/republicans-threaten-shutdown-default\/","title":{"rendered":"Republicans Threaten Shutdown-Default"},"content":{"rendered":"

The last time Republicans shut down the US Government, they were blamed for the damage it did and rightly do.  With nothing new to offer, they are returning to the same policies that caused the current mess, and threating a government shut down, if Obama refuses accede to their demands.  To avoid their previous failure, they are ramping up their noise machine to blame Obama in advance.<\/font><\/p>\n

\n

\"gopVision\"<\/p>\n

In an interview with Fox News Sunday this morning, Rep. Eric Cantor (R-VA), the #2<\/strong> Republican in the House, threatened to take the nation\u2019s economy hostage if President Obama does not comply with House GOPers\u2019 as yet undefined demands<\/strong>. When asked if he would take a government shutdown on forcing the United States to default on its debt off the table, Cantor responded that it would somehow be President Obama\u2019s fault if House Republicans press this agenda<\/strong>…<\/p>\n

…Watch it:<\/p>\n

 <\/param><\/param><\/param><\/embed><\/object><\/p>\n

It\u2019s difficult to exaggerate just how harmful a shutdown or default would be for the United States and its economy. A \u201cshutdown\u201d occurs when Congress fails to appropriate money to fund the federal agencies<\/strong>. As a result, nearly every federal employee is sent home, including the officials who cut Social Security, Medicare and Medicaid checks<\/a>. In other words, by threatening a shutdown, Cantor is holding the incomes of millions of American seniors hostage unless Obama complies with his petty demands<\/strong>.<\/p>\n

The consequences of a default would be even worse \u2014 indeed, if a shutdown amounts to a hostage crisis, a default is the equivalent of shooting the hostage.  A default could occur if the House GOP refuses to authorize the Treasury to issue new bonds<\/a> in order to cover the interest on the nation\u2019s existing debt, and the results of such a default would be catastrophic.<\/p>\n

If the world\u2019s safest investment \u2014 US Treasury bonds \u2014 were essentially converted into junk bonds overnight<\/strong>, it would trigger a worldwide financial panic<\/a>\u2026 [emphasis added<\/em>]<\/p>\n<\/blockquote>\n

Inserted from <Think Progress<\/a>><\/p>\n

We must start now to get out the word that,m if they do these things, it will be because Republicans believe that compromise can only happen when it\u2019s all their way all the time.<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

The last time Republicans shut down the US Government, they were blamed for the damage it did and rightly do.  With nothing new to offer, they are returning to the same policies that caused the current mess, and threating a government shut down, if Obama refuses accede to their demands.  To avoid their previous failure, […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-3308","post","type-post","status-publish","format-standard","hentry","category-politics","category-5-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/3308","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/comments?post=3308"}],"version-history":[{"count":0,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/3308\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/media?parent=3308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/categories?post=3308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/tags?post=3308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}