"House Republicans will hold the national debt ceiling increase hostage until President Obama agrees to mandatory spending cuts to Social Security, Medicare, and Medicaid, the National Journal reports, and will seek to use the leverage of default to force Democrats to enact the policies in Rep. Paul Ryan’s (R-WI) budget." "For 50 years, Congress routinely increased the debt ceiling as needed, including seven times under President George W. Bush. But in 2011, Republicans decided the debt ceiling was “a hostage worth ransoming. The brinksmanship caused the first-ever downgrade of the U.S. credit rating by Standard & Poor’s and cost the country a million jobs and $19 billion."
Posted on: Tue, 09 Jul 2013 03:50:55 +0000
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