Michele Bachmann Has It Wrong Again

Posted on June 27, 2011. Filed under: Uncategorized | Tags: , , , , , , , , |

Just in case you missed it yesterday, Tea Party darling Rep. Michele Bachmann (R-Minn.) declared on CBS’ Face the Nation that it’s not true that the U.S. government would default on its loans if the debt limit is not raised.

The presidential hopeful went on to say that those who claim that failure to raise the debt ceiling is courting economic disaster, including President Obama, Federal Reserve Chairman Ben Bernanke, Treasury Secretary Timothy Geithner, and even former head of the Federal Reserve Alan Greenspan, are simply using “scare tactics” to bully Congress.

This claim that the Administration and some of the nation’s top economic experts have it wrong, comes from a woman who famously said that the first shots of the Revolutionary War—the ones “heard around the world”—were fired in New Hampshire. You would think that Bachmann, who carries the Tea Party banner and loves to refer to the Founding Fathers, would know that the first shots of America’s war of independence were fired in Massachusetts.

Still, it is up to you to decide who’s right on the debt ceiling issue.

I’ve decided that despite the juvenile theatrics—Rep. Eric Cantor (R-Va.) walking out on Vice President Biden’s debt limit talks last week—a deal will be struck to raise the debt limit by the Aug. 2 deadline, to do anything else could lead to serious disruptions in the world’s financial markets. The last thing anyone wants is a replay of the 2008 financial meltdown.

I will concede, however, if Cantor’s stormy withdrawal from the Biden group negotiations gets Obama, House Speaker John Boehner (R-Oh.), and Senate Majority Leader Harry Reid (D-Nev.) involved in resolving this debt limit crisis, then I’ll take back my criticism. The sooner a deal gets done the better for America and all Americans.

The good news is that Obama and Biden are slated to meet with Reid this morning and with Senate Minority Leader Mitch McConnell (R-Ky.) later this evening.

Senate Democrats are pushing a jobs bill that includes an extension of the employee payroll tax holiday, installs a temporary tax holiday for employers, and other possible “job creation” actions such as repatriation of some offshore corporate tax payments into a national infrastructure bank. While this is partly a political ploy to “put Republicans on record against jobs,” it also provides some counterbalance from the Democratic side in response to GOP insistence that “tax increases be taken off the table” in budget deal negotiations. Of course one man’s tax increase is another man’s tax loophole closure—more on this tomorrow.


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2 Responses to “Michele Bachmann Has It Wrong Again”

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well don’t underestimate the power of drama in politics, it is a compelling force, an epithet like “spoiled the US economy” would be a career changer.
All of the people involved have ambitions to lead the world and except for pres Obama, they are unrealized- this is what is at stake here, can you show you can lead on a world stage. Debt ceiling has been joined to a more fundamental issue- whether the vision of America resides in its vast diverse peoples or among a small oligarchy of willful rich men–who resemble the Founders only in their belief that democracy cannot be trusted, only rich wise men to lead a great nation- anyway, I think you picked a great theme and a perfect foil, the remarkably vapid Ms. Bachmann….HDM

Cantor pulled out of these talks because he knew there would be compromise and that would go against everything he currently stands for — and the Tea Party would roast him. He annoys me to no end, but he’s not stupid.

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