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View Diary: Gingrich says Republicans will 'cave' on their 'dead loser' debt limit bluff (177 comments)

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  •  if Treasuries default, then you'll be seeing a (1+ / 0-)
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    permanent increase in the cost of government borrowing...which, these days, means howls for even deeper spending cuts.

    The tiny, inadvertent default n 1979 bumped interest rates on Treasuries a half a percent.

    This time, the consequences would be signifiantly worse, because this time it would be intentional.

    Yeah, it might break the back of the Republican Party. But all we would be left to work with is a shell saddled with debt we can't service without Greek style austerity.

    Gee, no thanks.

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