Monday, October 07, 2013
Most people seem to have forgotten all about that concept but I haven't, and I happen to know that reality bites. Here's Michael Tomasky discussing the debt limit, including a warning that has already come true: that Republicans will start claiming that hitting the debt limit will be harmless, or even, in the case of the yoyo interviewed at the link, beneficial.
They're already claiming that the government shutdown is harmless, except when they're complaining about the specific government services that have been suspended, for some mysterious reason having nothing to do with their refusing to fund them. But listen up folks: when we hit the debt limit, one of two things will happen. Either the U.S. stops paying interest on debt, in which case financial markets will devolve into chaos; or it stops mailing out Social Security checks and Medicare reimbursements, in which case we will plunge into an economic depression and people will starve and stuff like that.
Third possibility: Obama takes advantage of one of the options he has for ignoring the debt limit (platinum coin, constitution requires payment of government obligations), whereupon the House impeaches him and sues in federal court and the government remains in total chaos until January of 2015; meanwhile the shutdown continues and we go into a second Great Depression anyway.
This will happen. Their denying it in advance won't change anything. Do they really not understand that?