Look, there's no two ways about it, it's time to raise the debt ceiling. That Congress is still debating this thing at this late hour and do not appear to be coalescing around a plan is astonishing. Unfortunately, it appears that there are Republican reps that actually seem to believe that we do NOT have to raise the debt ceiling and all of our problems will magically go away--or the "alternative" of spending more is worse. They obviously believe that Obama will be blamed for causing another Great Depression. They need to hear from us. NOW.
Please--especially if you have a Republican U.S. Rep. or U.S. Senator--call or email them and let them know their magical thinking is unacceptable. Let them know they will be blamed if the U.S. defaults or is unable to pay its obligations. Let them know you are paying close attention to what is going on.
Personally, I also advocate for a straight up-or-down vote on the debt ceiling. With unemployment at 9.2% now is not the time to be making draconian cuts. That can wait until the unemployment rate is 7% or lower. We need to pass an up-or-down vote on the debt ceiling immediately. Enough is enough.
I know what you're thinking--Republicans don't listen. I know, Republicans don't listen to reason. But at this moment they are split between two powerful voices--that of the Tea Baggers who want our country to go into default and into a Depression--and that of Wall Street, who want the opposite. Although Republicans don't typically listen to reason they may be on a precipice and open to additional voices. We need to be those voices. Call them and tell them to raise the debt ceiling. Too much is on the line.
Their stupid Tea Bagger proposal of a balanced budget amendment is also pure s*** and they probably need to be reminded of that as well. A balanced budget amendment would mean that the Federal government would have very few tools to confront a recession or depression if it came to that--and it will--since our economy operates in cycles. I am okay with balancing the budget when times are good but when they are bad the Federal government must be the spender of last resort. These Republicans have not learned a darn thing since Hoover.