Point of No Return
"Just as a consumer with a lower credit score has to pay higher interest rates on their credit card, a downgrade of the Treasury's debt rating would raise the cost of borrowing. That would increase the nation's interest payments on fresh debt, driving the government even deeper into deficit." -MSNBC
Keeping the debt ceiling the way it is won't reduce debt. It will increase it. All Congress needs to do is do what they've always done for every other president since the beginning of time, including President Bush I and II and President Reagan. The Republicans refuse. Because?
Well, two theories.
One, they really are that stupid. They really do think that debt ceiling and debt are the same thing, and by refusing to raise the ceiling, they're somehow magically reducing debt.
Two, they really want this disaster. They hope for it. With the economy finally starting to recover, they see their chances of power slipping away. If the country crashes, they can play the blame game and convince people it's somehow all the democrats fault.
Anyone have a reason that actually makes the Republicans look smart and not evil? Let me know. I'd love to hear it.