Thursday, July 14, 2011

Financial Brinksmanship and the Debt Ceiling...


From the classic movie "War Games"
The right's "stalwarts" against debt are fakers. They pretend like they're standing for freedom, apple pie, the liberty to engage in unusual skin bronzing. These people are more interested in scoring political points and "preserving their brand" than in ensuring the stability of the US economy. The people I'm referring to are Sen. McConnell, Rep. Boehnner, and Rep. Cantor. They're holding the country's financial stability hostage by refusing to increase the debt limit unless they get all the cuts they want. They refuse any tax increases (or, say, ending oil subsidies) in exchange for their willingness to increase the limit. Of course, these same hostage takers voted to increase the debt limit under Bush five times and are now using the issue to make political points, and it doesn't get any more cynical or hypocritical than that.

According to ThinkProgress, five debt limit increases occurred during the Bush presidency. The current debt-limit brinksmanship crowd--McConnell, Boehnner, and Cantor--voted aye each time:


June 2002: Congress increases debt limit $450 bln. to $6.4 trillion.
May 2003: Congress increases debt limit $900 bln. to $7.384 trillion.
Nov. 2004: Congress increases debt limit $800 bin to $8.1 trillion.
May 2006: Congress increases debt limit $781 bin to $8.965 trillion.
Sep. 2007: Congress increases debt limit $850 to $9.815 trillion

No comments:

Post a Comment