Why do we care? Don't you remember? "THE FINANCIAL MARKETS RUN ON TRUST, WITHOUT TRUST, THERE IS NO MARKET." Failure to raise the debt ceiling will almost certainly cause a lack of trust in the financial markets. Are we so stupid that we would deliberately risk another global financial crises?
Republicans are refusing to authorize an increase in the debt ceiling unless the Democrats agree to take money from the old and the sick.
Republicans like to ignore the fact that most of the debt was caused by the Bush Administration cutting taxes for the rich and spending WAY TOO MUCH. Then the debt was raised again in order to increase the supply of money to prevent a world wide depression. The sudden drop in the supply of money was caused by the Republican notion that we do not need financial regulations. No one predicted the drop in the supply of money, because no one could believe that any large company would be so stupid as to agree to insure almost every mortgage in the US.
Surely you know people like these Republicans? We all know at least one person who will loudly blame other people for a mistake he/she made.
We do need to work towards a balanced budget. Cutting some of the tax loopholes would help. Raising taxes for those earning over $250,000 would help. Cutting social services is only helpful on paper. In reality, cutting social services causes great difficulties for our most vulnerable citizens; and causes a drop in the GDP, which cuts into overall government revenues.
Republicans are risking the financial health of the US and of the world. I think they do this just so they can have a good slogan for next year's election.
I am afraid that Democrats will have to risk a world wide financial crises in order to protect the old, the poor, education, and our infastructure.
All so Republicans can brag that they held a tea party. Too bad that they are dumping old people instead of dumping casks of tea.
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