Held Hostage Over the Debt Ceiling

Six months ago President Obama faced a hostage situation. Republicans threatened to block an extension of middle-class tax cuts unless Mr. Obama gave in and extended tax cuts for the rich too. And the president essentially folded, giving the G.O.P. everything it wanted.

Paul Krugman

Now, predictably, the hostage-takers are back: blackmail worked well last December, so why not try it again? This time House Republicans say they will refuse to raise the debt ceiling ? a step that could inflict major economic damage ? unless Mr. Obama agrees to large spending cuts, even as they rule out any tax increase whatsoever. And the question becomes what, if anything, will get the president to say no.

The...

Related Topics: debt ceiling

Source: http://www.realclearpolitics.com/2011/05/15/held_hostage_over_the_debt_ceiling_255521.html

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