"In the future, any president, this one or another one, when they request us to raise the debt ceiling, it will not be clean anymore,"
it's not hard to get at his meaning. The debt ceiling fight is far from over, y'all. Don't expect us to roll over next time. We take the long-term economic health of the country seriously, and we will fight to restrain spending every chance we get.
In a way, I like hearing him say that. Measures have to be taken to combat our mounting debt. The conversation needs to be had on a regular basis, so that we don't keep kicking the proverbial can down the proverbial road for as far as the proverbial eye can see. For sure, I don't believe him for a second when he implies that President Red Meat Republican would face a similar showdown. Yet he makes it sound like future debt increases will run into similar roadblocks as we saw this summer. And this in very plain language.
Now, when McConnell says things like this, in the same interview,
"I think some of our members may have thought the default issue was a hostage you might take a chance at shooting. Most of us didn't think that. What we did learn is this: it's a hostage that's worth ransoming,"
you just have to first admire the man's candor, then shake your head in consternation, then begin to unpack the unsavory things you just read. You have to. It's required.
Unpacking:
"some of our members" = Tea Party wing.
"a hostage you might take a chance at shooting" = if they didn't get their way, they were ready to wreck the economy. Our economy, and by extension, the planet's. Be assured that as the U.S. economy goes, so does the world's. What else could "the hostage" be?
"Most of us" = People who actually make the decisions. (This is comforting. At least the Senate leader understands that the TP can not be trusted with serious adult policymaking.)
"it's a hostage worth ransoming." = We're still very excited, as a party, to continue to use the threat of economic meltdown to get our way. After all, we got most of what we wanted, because the President had the good sense to pay most of our demands. He saw default as an actual calamity. Not a tool to make policy. Given a totally awesome win-win choice between Dollarmageddon and partial capitulation, he chose the latter.
Don't be fooled: an actual default on our obligations would bring about serious calamity. Interest rates would immediately leap. Bankruptcies and foreclosures would skyrocket in number. And the end result would be a downgrade of the country's credit that would actually add trillions of dollars to the deficit by bumping up the amount of interest the government pays on its loans.
The interest, annually, on our debt is between $400 and $430 billion, depending on when and where you check. Yes, that's just the interest. Should the rate rise four percentage points (and here I'm getting my numbers from the Congressional Budget Office), that number would pass $500 billion in 2012 and $1 trillion in 2015.
Replay: interest rates up 4 percent. Government now faces a choice between gutting the military, the safety net, or raising taxes in the midst of the toughest economic times in 70 years.
Well, what if interest rates climb 6 points? Are we then done, as a nation, economically? We wouldn't be able to afford, oh, anything, or pay our debts, and the bottom half of the middle class would cease to exist. Eaten alive by interest. With no significant social programs to fall back on.
Then what?
So, that's the hostage situation McConnell and the rest of the Republicans in Congress are OPENLY admitting they will recreate. Hostage: their word. Not mine. But at least you get to BE the hostage.
Ladies and gentlemen, your 2011 Republican Party.
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