{"id":4838,"date":"2011-05-15T03:03:18","date_gmt":"2011-05-15T10:03:18","guid":{"rendered":"http:\/\/www.politicsplus.org\/blog\/?p=4838"},"modified":"2011-05-15T03:03:18","modified_gmt":"2011-05-15T10:03:18","slug":"republicans-ignore-patron-saint-on-debt","status":"publish","type":"post","link":"https:\/\/www.politicsplus.org\/blog\/2011\/05\/15\/republicans-ignore-patron-saint-on-debt\/","title":{"rendered":"Republicans Ignore Patron Saint on Debt"},"content":{"rendered":"

Republicans continue to blackmail America, holding the good faith and credit of the United States hostage, an act of political terrorism.  Many have falsely stated that failure to raise the debt limit, prior to default, would not be such a bad thing, and have accused Obama of lying.  Ironically, Obama was not the first or only President to issue such dire warnings.  Guess who else?<\/font><\/p>\n

\n

\"1762220CA001_reagan\"Several prominent congressional Republicans have dismissed the Obama administration\u2019s claim that the country would face dire consequences if Congress does not vote to raise the federal limit on government borrowing by August.<\/p>\n

But an icon of the Republican Party \u2013 former president Ronald Reagan \u2013 warned Congress during his presidency that a failure to raise the debt limit could also cause a financial catastrophe<\/strong>.<\/p>\n

In a November 1983 letter to then-Senate Majority Leader Howard H. Baker Jr.<\/a> (R<\/strong>-Tenn.), Reagan warned that without a higher debt ceiling, the country could be forced to default for the first time in its history.<\/p>\n

Reagan wrote: \u201cThe full consequences of a default \u2013 or even the serious prospect of default \u2013 by the United States are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and the value of the dollar<\/strong>.\u201d<\/p>\n

Treasury Secretary Timothy F. Geithner has issued similar admonitions to Congress in recent months. On Monday, U.S. borrowing is set to reach the $14.3 trillion limit, but Geithner is launching a series of special measures<\/a> that will delay the day of reckoning until Aug. 2. Geithner says the United States will then begin to default on its obligations.<\/p>\n

But GOP lawmakers<\/a> in both chambers have not been so sure\u2026 [emphasis added<\/em>]<\/p>\n<\/blockquote>\n

Inserted from <Washington Post<\/a>><\/p>\n

That\u2019s right!  It was Ronnie Ray Gun, patron saint of the Republican party, bearing in mind that Republican saints <\/em>may sport horns and cloven hooves. \ud83d\ude08<\/font><\/p>\n

Seriously, what Republicans fail to recognize or refuse to admit is that raising the debt limit has nothing whatsoever to do with what we will or will not spend.  It is an acknowledgement that we will pay the bills for what we already have spent.<\/font><\/p>\n","protected":false},"excerpt":{"rendered":"

Republicans continue to blackmail America, holding the good faith and credit of the United States hostage, an act of political terrorism.  Many have falsely stated that failure to raise the debt limit, prior to default, would not be such a bad thing, and have accused Obama of lying.  Ironically, Obama was not the first or […]<\/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-4838","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\/4838","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=4838"}],"version-history":[{"count":0,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/posts\/4838\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/media?parent=4838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/categories?post=4838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.politicsplus.org\/blog\/wp-json\/wp\/v2\/tags?post=4838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}