The debt ceiling brinkmanship is a manufactured crisis where none needs to exist. It is becoming clear that for a small but determined group within the Republican party led by the Tea Partiers, the national debt and deficit financing, rather than being simply another option in a nation’s fiscal policy, has become an obsession, a dangerous ogre that must be slain now. They are adamant about not raising the debt ceiling, and seem to think that forcing the US to default could be a good thing, because it would create chaotic conditions that could lay the groundwork for their ultimate dream, a balanced budget constitutional amendment.
But what should not be forgotten is that despite the Tea Partiers, it was always clear to me that the debt ceiling would be increased because the oligarchy wanted it and the fact that there was until yesterday still no public agreement between the two parties’ leaderships and the White House suggested to me that this so-called crisis was a purely artificial one, manufactured to advance other goals.
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