In a recent article on the upcoming 112th Congress, the Associated Press warned that gridlock between the Republican House and Democratic Senate might result in a failure to act that “could threaten the nation’s economic health.”
Are they kidding? What do they think has been going on for the past two years, when Democrats controlled both chambers and the White House and put us further in debt than the first 100 Congresses combined? Gridlock in Congress is the best prescription for helping our economy recover.
Mainstream news outlets have noted that Republicans hold two main objectives after their swearing in on Wednesday: repealing or defunding ObamaCare and finding a politically palatable solution to the imminent overrun of the federal debt ceiling President Obama signed into law last year.
If Republicans don’t vote to raise the ceiling above its existing limit of $14.3 trillion by March 4, when the current stopgap measure runs out, we are told that they will be responsible for a government shutdown like the one in January 1996.
Obama’s Chairman of the Council of Economic Advisers Austan Goolsbee declared that failure to raise the debt ceiling would have a “catastrophic” effect, in that the federal government would essentially be in default. read more »