Thursday, January 3, 2013

John Boehner & the Debt Ceiling Circa Winter 2011

From Think Progress:

Republicans are already promising a repeat of the summer 2011 fight that nearly led to such a default (and ultimately created the fiscal cliff). Senate Republicans have promised to hold the debt limit hostage for spending cuts, and House Speaker John Boehner’s (R-OH) office has indicated similar intentions. “If they want to get the debt limit raised, they are going to have to engage and accept that reality,” Brendan Buck, a spokesperson for Boehner, said of spending cuts. 

But in the winter of 2011, before he led the GOP into the fight that caused the first credit downgrade in American history, increased borrowing costs, and nearly led to a default, Boehner proved that he knew the consequences of not raising the debt limit: it would cause “financial disaster” for the entire world:
Boehner said it would mean “financial disaster” for the global economy if Congress were unable to come to a deal to raise the debt ceiling this spring.
“That would be a financial disaster, not only for us, but for the worldwide economy,” Boehner said on “Fox News Sunday” of the risk of default. “I don’t think it’s a question that’s even on the table.”
Interesting that the only time the GOP is concerned about the debt ceiling is when a Democrat is president. I'm sure it's just a coincidence though...

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