#1 Jul 26, 2011
Bush raised the debt ceiling six times. Republican congressmen had no problem voting for each of those.
While Tea Party Republicans are correct when they say that there will be enough revenue to avoid default and pay Social Security benefits, they are incorrect to suggest that the current debt ceiling can be maintained without major disruptions. Failure to increase the debt ceiling will, as Jay Powell of the Bipartisan Policy Center points out,“have significant effects on our economy and that will ripple throughout the global economy as well.” Many others predict far worse, including an implosion of our already faltering economy.
Blame? Republicans point out often in this debate that the debt ceiling increase was requested by President Obama. This is true, but it was requested by President Obama so that he can carry out Congress' spending orders.
If the debt ceiling is not raised, and the economy tailspins into chaos, the Tea Party movement will be to blame.
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