By Bonnie K. Goodman
Ms. Goodman is the Editor of History Musings. She has a BA in History & Art History & a Masters in Library and Information Studies from McGill University, and has done graduate work in history at Concordia University.
THE HEADLINES: DEBT CEILING SHOWDOWN: OBAMA VS CONGRESSIONAL LEADERS
President Obama meets with (L-R) House Majority Leader Rep. Eric Cantor (R-VA), House Minority Leader Rep. Nancy Pelosi (D-CA), Speaker of the House Rep. John Boehner (R-OH), and Senate Majority Leader Sen. Harry Reid (D-NV) in the Cabinet Room of the White House, July 11, 2011 in Washington, D.C. (Getty)
- Timeline: Debt debate: President Barack Obama and top lawmakers will meet again Monday in search of a deal on slashing the U.S. budget deficit and raising the $14.3 trillion debt ceiling before the United States defaults.
Obama wants to strike a deal well before August 2, when the Treasury Department says it will no longer be able to honor its obligations and issue new bonds without breaching the limit that Congress set on how much the United States can borrow.
Republican and Democratic lawmakers say any increase must include measures to ensure the country’s debt remains at a sustainable level. The debt-reduction debate is a sharp shift for Washington, which less than a year ago was focused on additional deficit spending to lower the unemployment rate.
Following is a timeline of the debate…. – Reuters, 7-11-11
- Factbox: What’s on the table in debt talks: President Barack Obama and congressional leaders resume their White House talks on Monday to see if they have the makings of a deal to trim budget deficits and avert a looming default.
The Treasury Department has warned it will run out of money to cover the country’s bills if Congress does not raise the $14.3 trillion debt ceiling by August 2.
Although Democrats and Republicans agree on the need for trillions of dollars in budget savings, they remain sharply divided about how to get there.
Following is a summary of the debate… – Reuters, 7-11-11
- Obama on debt ceiling: Is he winning over Americans?: An increasing number of Americans are concerned about the consequences of not raising the debt ceiling, according to a new poll. President Obama has been blunt about the consequences of default…. – CS Monitor, 7-12-11“We might as well do it now — pull off the Band-Aid; eat our peas.” – President Barack Obama“I know you all love to write the soap opera here.” — Eric Cantor (R-Va.), joking about the Republican-Democrat split.“It’s time for tough love. Don’t let them scare you by telling you that the country’s going to fall apart.” — Michele Bachmann (R-Minn.), speaking to a cheering crowd in Iowa over the weekend.“I hope and pray and believe they should not raise the debt ceiling. These historic, dramatic moments where you can draw a line in the sand and force politicians to actually do something bold and courageous are important moments.” – Tim Pawlenty, Former Minnesota governor“A cataclysmic game of chicken. Negotiating with a gun to your head. A Thelma & Louise-style full throttle off a cliff.” — John Avlon at the Daily Beast, on the “dire metaphors” for the debate.
“The debt ceiling is a gut-check time for all Republicans on spending and size of government. … Apparently, Gov. Romney is still checking his gut to figure out where he should stand.” — Alex Conant, spokesman for former Minnesota Gov. Tim Pawlenty.
“You and I have decided to have lunch together today. We both need lunch. We both know we’re going to have lunch. But we don’t agree on where to eat. So you propose Mexican, but I counter with Chinese, and warn that if you refuse, neither of us will get to eat lunch ever again. Deal? … Of course not. But that’s pretty much the GOP’s strategy on the debt-ceiling negotiation.” — Ezra Klein on the partisan bickering
“It’s a hostage negotiation! It’s a lunch conversation! No, it’s the debt ceiling debate.” — Eric Thompson at the Atlantic, on how to characterize the debt ceiling.
“We are at each others throats more than is necessary.” — Jeff Immelt, chairman of Obama’s outside panel of economic advisers, calling the White House and Congress to strike a deal on Monday.
JULY 14, 2011: PRESIDENT OBAMA SETS DEBT DEAL TIME LIMIT T-36 HOURS
“It’s decision time. We need concrete plans to move this forward.” — President Barack Obama
“We’ve looked at all available options, and we have no way to give Congress more time to solve this problem. The eyes of the country are on us, and the eyes of the world are on us, and we need to make sure that we stand together and send a definitive signal that we are going to take the steps necessary to avoid default.” — Treasury Secretary Timothy F. Geithner
- ‘Decision Time’ on Budget, Obama Tells Leaders: President Obama threw the deadlocked budget negotiations back to Congress on Thursday, telling Republicans and Democrats to try to work out an agreement to avert a government default, and suggesting that more ambitious efforts to cut the deficit had hit a wall.
After a polite but inconclusive session that covered familiar ground and made no headway, Mr. Obama told the Congressional leaders to confer with their rank-and-file members over the next 24 to 36 hours to “figure out what can get done,” said a Democratic official briefed on the negotiations.
The president said he might summon the leaders to the White House over the weekend if there was no progress; he has scheduled a news conference for Friday morning to argue his case publicly. On Capitol Hill, leaders of both parties were focused increasingly on a proposal by the Senate Republican leader, Mitch McConnell of Kentucky, that could provide a way out of the stalemate on the debt limit…. – NYT, 7-14-11
- Obama gives leaders ’24 to 36 hours’ to come to debt agreement: President Obama told congressional leaders at their latest debt-limit meeting that they must come to an agreement on the way forward by early Saturday morning or else they will be called back to the White House this weekend, aides from both parties with knowledge of the meeting said Thursday evening.
At a meeting that lasted 80 minutes, congressional negotiators and the White House finished their review of the work done by a group led by Vice President Biden, said the aides, who were not authorized to speak publicly about the meeting.
At the end, Obama told the bipartisan leaders that, over the next 24 to 36 hours, he wanted them to indicate a path forward that would be able to pass both chambers.
No White House meeting is set for Friday. Instead, leaders are expected to go to their rank-and-file members to discuss the negotiations.
Thursday’s meeting ended at 5:43 p.m. Shortly afterwards, the White House announced that Obama would hold a news conference at 11 a.m. Friday…. – WaPo, 7-14-11
- Looking for debt deal, Obama outlines cuts: President Obama implored congressional leaders Thursday to reach a deal on raising the nation’s $14.3 trillion borrowing limit by this weekend to reassure jittery world financial markets, and he suggested he could settle for a smaller deficit-reduction package than he originally sought.
Rather than continue to push for $4 trillion in savings over the next decade, Obama outlined a plan that would achieve roughly $2 trillion, almost entirely from spending reductions. That marks a major concession — one the president is likely to address at a news conference scheduled for 11 a.m. ET this morning.
At the same time, Senate Republican leader Mitch McConnell and Democratic leader Harry Reid forged ahead with an even smaller deal of their own, one that represents a second fallback plan. It would allow Obama to raise the debt limit and create a process by which Congress would vote in the future on spending reductions…. – USA Today, 7-14-11
- As White House talks falter, Senate works on agreement to raise debt limit: President Obama prepared Thursday to bring bipartisan talks over the debt to a close, as Senate leaders worked across party lines to craft an alternative strategy to raise the nation’s $14.3 trillion debt limit and avert a government default.
“It’s decision time,” Obama told congressional leaders after meeting at the White House for a fifth straight day. Obama gave Republicans until early Saturday to tell him whether any of three options for trimming the federal budget would win GOP support.
“We need concrete plans to move this forward,” he said.
A breakthrough in the White House talks looked unlikely, however, leaving the Senate framework as the chief option for raising the debt limit before Aug. 2, when the Treasury will be unable to pay its bills without additional borrowing authority.
That deadline loomed ever larger Thursday, as China, the U.S. government’s largest foreign creditor, called on U.S. policymakers to take action to protect the interests of investors. Federal Reserve Board Chairman Ben S. Bernanke warned that failure to raise the debt ceiling would amount to “a self-inflicted wound” that would cause “a very severe financial shock” to the global economy. And Treasury Secretary Timothy F. Geithner told lawmakers that they are running out of time…. – WaPo, 7-14-11
- Obama, lawmakers face fresh doubts on debt deal: President Barack Obama and top Republicans faced growing pressure at home and abroad on Thursday to stop deficit talks from spiraling out of control and sending shockwaves through the global financial system.
Markets reacted skittishly after the fourth straight day of talks between Obama and congressional leaders hit a new low on Wednesday, while divisions within the Republican party seemed to increase the difficulty of striking a deal to extend the nation’s borrowing authority and avoid a default after August 2.
The Democratic president clashed with Republican lawmakers during an acrimonious two-hour White House session on Wednesday that produced no progress toward a deal. A leading Republican said Obama walked out of the meeting.
Treasury Secretary Timothy Geithner met with Democratic senators and urged quick action, saying “we are running out of time.”… – Reuters, 7-14-11
- GOP threatens to bolt on McConnell’s plan: “I would say, ‘No way,’” said Ohio Rep. Jim Jordan, chairman of the conservative Republican Study Committee, whose members constitute roughly three-quarters of the House GOP.
“Everybody I’ve talked to over here says, ‘No way,’” said Florida Rep. Tom Rooney, a member of the vote-counting whip team.
But earlier in the day, Boehner declined to pronounce the death of McConnell’s plan, which has gained some traction in the Senate and is being held in reserve as a last-resort option to avoid an economic disaster. Rather than getting a vote as is, the plan will more likely move forward in another form or alongside appetizing additives intended to help Republicans in both chambers digest the debt hike and a cession of power to the president.
“Mitch described his proposal as a last-ditch effort in case we’re unable to do anything else,” Boehner told reporters Thursday. “And what may look like something less than optimal today, if we are unable to reach an agreement, might look pretty good a couple of weeks from now. I think it’s worth keeping on the table. There are a lot of options that people have floated. And frankly, I think it’s an option that may be worthy at some point.” Boehner said he has “no idea” whether McConnell’s plan will pass his chamber. Several GOP lawmakers said privately that it stands no chance…. – Politico, 7-14-11
- With no debt deal, Obama would face tough choices Aug. 3 about what bills to pay: What happens if President Obama and Congress don’t strike a debt deal? On Aug. 3, the nation would find out, with Obama forced to make a set of extraordinarily difficult choices about what to pay or not pay. By then, the government’s savings account would be nearly empty and the president would be relying on daily tax revenue to pay the nation’s bills.
There wouldn’t be enough — in fact, there would be a $134 billion shortfall in August alone.
As Obama decided what to pay, he would choose among Social Security checks, salaries for members of the military and veterans, unemployment benefits, student loans, and many other government programs, according to administration officials and an independent analysis by a former senior Treasury Department official in the George H.W. Bush administration.
To protect the nation’s creditworthiness, Obama would have to balance those priorities with the imperative of making payments to investors in U.S. government bonds — ranging from domestic pension funds to the Chinese government…. – WaPo, 7-13-11
JULY 13, 2011: 5TH WHITE HOUSE MEETING; OBAMA & CANTOR SPAR, PRESIDENT WALKS OUT
“I’ve reached my limit. This may bring my presidency down, but I will not yield on this… Enough is enough. … I’ll see you all tomorrow.” — President Barack Obama
Cantor said the president became “agitated” and warned the Virginia Republican not to “call my bluff” when Cantor said he would consider a short-term debt-limit hike. The meeting “ended with the president abruptly walking out of the meeting,” Cantor told reporters in the Capitol. “I know why he lost his temper. He’s frustrated. We’re all frustrated.”
- Obama ends talks brusquely: President Barack Obama has ended a nearly two hour debt-limit negotiation brusquely, declaring: “Enough is enough” as he rejected Republican demands that he accept a short-term extension of the government’s borrowing authority.
Democratic officials and Republican aides familiar with the negotiations say the meeting ended after White House officials had identified more than $1.5 trillion in spending cuts over 10 years to reduce the deficit. Pressed by House Republican leader Eric Cantor to accept only months-long debt ceiling increase, Democratic officials say Obama announced: “Enough is enough. We have to be willing to compromise. It shouldn’t be about positioning, and politics and I’ll see you all tomorrow.”… – AP, 7-13-11
- Tempers flare as debt talks get tense at White House:
Obama vows to veto any short-term extension, even at risk to his presidency, sources say Cantor, Boehner seek a short-term debt ceiling hike opposed by Obama Moody’s puts U.S. bond rating under review The United States must raise its $14.3 trillion debt ceiling by August 2 or risk a default
A fifth session of talks in five days is set for Thursday to head off a possible government default. Wednesday’s session ended on a tense note with House Majority Leader Eric Cantor and President Barack Obama squaring off over the Republican’s call for a short-term extension of the federal debt ceiling.
At one point, Obama said the political wrangling confirmed what the public considers to be the worst of Washington, according to Democratic sources familiar with the talks who spoke on condition of not being identified.
Multiple sources, also speaking on condition of anonymity, said Obama told the gathering that “this could bring my presidency down,” referring to his pledge to veto any short-term extension of the debt ceiling. Sources say he vowed, “I will not yield on this.”
Obama to Cantor: Don’t call my bluff
The exchange concluded almost two hours of talks that failed to achieve a breakthrough….. – CNN, 7-14-11
- President Obama abruptly walks out of debt ceiling talks: President Barack Obama abruptly walked out of a stormy debt-limit meeting with congressional leaders Wednesday, a dramatic setback to the already shaky negotiations.
“He shoved back and said ‘I’ll see you tomorrow’ and walked out,” House Majority Leader Eric Cantor (R-Va.) told reporters in the Capitol after the meeting.
On a day when the Moody’s rating agency warned that American debt could be downgraded, the White House talks blew up amid a new round of sniping between Obama and Cantor, who are fast becoming bitter enemies.
When Cantor said the two sides were too far apart to get a deal that could pass the House by the Treasury Department’s Aug. 2 deadline — and that he would consider moving a short-term debt-limit increase alongside smaller spending cuts — Obama began to lecture him.
“Eric, don’t call my bluff,” the president said, warning Cantor that he would take his case “to the American people.” He told Cantor that no other president — not Ronald Reagan, the president said — would sit through such negotiations.
Democratic sources dispute Cantor’s version of Obama’s walk out, but all sides agree that the two had a blow up. The sources described Obama as “impassioned” but said he didn’t exactly storm out of the room.
“Cantor’s account of tonight’s meeting is completely overblown. For someone who knows how to walk out of a meeting, you’d think he’d know it when he saw it,” a Democratic aide said. “Cantor rudely interrupted the president three times to advocate for short-term debt ceiling increases while the president was wrapping the meeting. This is just more juvenile behavior from him and Boehner needs to rein him in, and let the grown-ups get to work.”
On exiting the room, Obama said that “this confirms the totality of what the American people already believe” about Washington, according to a Democratic official familiar with the negotiations, and that officials are “too focused on positioning and political posturing” to make difficult choices.
Cantor insists he never interrupted the president, and was “deferential,” seeking permission to speak…. – Politico, 7-13-11
- ‘Enough is enough,’ Obama says, calling for deal: Amid new warnings and fresh signs of strain, President Barack Obama and congressional leaders are entering a perilous debt-limit endgame. The president, declaring “enough is enough,” is demanding that budget negotiators find common ground by week’s end even as the Senate’s top Republican gained followers for his own last-ditch scheme to avoid a government default.
The continuing impasse was unsettling Wall Street, which up to now had performed as if an increase in the debt ceiling was not in doubt. And the looming Aug. 2 cutoff for action was creating new tensions between the president and Republican leaders.
Moody’s Investors Service said Wednesday it will review the government’s credit rating, noting there is a small but rising risk that the government will default on its debt. If Moody’s were to lower the ratings, the consequences would ripple through the economy, pushing up rates for mortgages, car loans and other debts. A Chinese rating agency, Dagong Global Credit Rating Co., also warned of a possible downgrade.
Federal Reserve Chairman Ben Bernanke, addressing lawmakers, warned Wednesday that not increasing the nation’s debt ceiling and allowing the nation default on its debt would send “shock waves through the entire financial system.”
And in the cauldron of the White House Cabinet Room, Obama and top lawmakers bargained for nearly two hours Wednesday on spending cuts. Obama curtly ended the session when House Majority Leader Eric Cantor, R-Va., urged Obama to accept a short, monthslong increase in debt instead of one that would last through next year’s presidential election.
“Enough is enough. … I’ll see you all tomorrow,” Obama said, rising from the negotiating table and leaving the room, according to several officials familiar with the session…. – AP, 7-14-11
- Moody’s moves one step closer to downgrading U.S. debt: Moody’s Investors Service said Wednesday it has put the U.S. government’s top-notch credit rating on review for a possible downgrade because of the risk that Washington will not raise the federal debt ceiling in time to avoid a default.
The firm added that even a brief failure of the government to pay its bills would mean that the United States’s Aaa rating “would likely no longer be appropriate.”
The announcement comes after Standard & Poor’s, another of the major credit rating agencies, has said that it would dramatically downgrade the U.S. government’s credit rating if payments were missed.
The U.S. has long been able to borrow money cheaply because global investors believe the government can be counted on to repay its debts. If credit rating agencies downgrade the U.S. and investors lose their faith in the creditworthiness of the government, the cost of borrowing money — in other words, the interest rate — could rise…. – WaPo, 7-13-11
- Eric Cantor walks tightrope with GOP: As he has surged to the forefront of debt-limit negotiations and faced round-the-clock scrutiny on cable and radio talk shows, a fundamental question about House Majority Leader Eric Cantor’s high-stakes political maneuvering is being discussed in the halls of power.
Is he building street cred with House Republicans or overplaying his hand? The answer may be both. Cantor’s allies note that he’s been put in the spotlight by assignment — from Speaker John Boehner and President Barack Obama — not by choice. And they say he has gained political capital within the GOP conference.
Cantor has a lot riding on the outcome of the debt-limit negotiations. He’ll share in the public blame if they fall apart and the economy tanks, and he’ll face recriminations from his conservative base in the House if he cuts too soft a deal with the president.
Still, there’s little question that Republicans, led by Cantor’s steadfast loyalty to their bottom line, have forced the debt-limit debate to be framed in terms of trillions in cuts instead of the clean debt increase Obama originally wanted.
With only 22 percent of respondents supporting a vote in favor of the debt increase according to a Gallup Poll, Republicans believe they’re on firm footing with voters as they push for historically deep spending cuts…. – Politico, 7-13-11
- Debt stalemate – who budges first? – Politico Arena, 7-13-11
JULY 12, 2011: REPUBLICAN SENATE MINORITY LEADER MITCH MCCONNELL’S DEBT PLAN FOR OBAMA
“After years of discussions and months of negotiations, I have little question that as long as this president is in the Oval Office, a real solution is probably unattainable.” — Senate Republican Leader Mitch McConnell said in remarks on the Senate floor
- McConnell’s last ditch debt ceiling plan: What’s in it for Republicans?: Senate Republican leader Mitch McConnell proposes a ‘last choice option’ that would allow President Obama to raise the national debt ceiling without GOP support.
In a surprise move, Senate Republican leader Mitch McConnell on Tuesday proposed a “last choice option” to avoid default on the national debt that would require the support of just over a third of the House and Senate to raise the national debt ceiling.
The McConnell proposal, which requires special legislation to be adopted, gives the president expedited procedures to increase the debt limit by as much as $2.4 trillion that require only submission of a plan to reduce spending by a greater amount. There is no requirement that Congress actually pass those spending cuts.
But even if the cuts are never passed, the proposal has two political advantages for Republicans: It forces President Obama to lay out his proposed spending cuts in writing, a longtime GOP demand. And it absolves Republicans of responsibility for sending the nation into its first-ever default, as early as Aug. 2…. – CS Monitor, 7-12-11
- A Pathway Out of the Debt Crisis: Political gain, not economic sense or sound policy, has always been at the core of Republican strategy on the debt-ceiling talks — a cynical ploy to appear serious about cutting spending while actually holding hostage the nation’s strong credit rating. Now that the real risks to their strategy are becoming apparent, including the possibility of cutting off Social Security checks, the more experienced members of the party are beginning to rethink their plans.
On Tuesday, Senator Mitch McConnell, the Republican leader, proposed a convoluted fallback solution that would at least defuse the crisis his party created a few weeks ago by threatening to force the country into default on its national debts. The plan is no less cynical than the original threat, but if the House goes along, it may allow Washington, the credit markets and the American people to breathe a little easier.
Mr. McConnell’s plan would allow President Obama to raise the debt ceiling by $2.5 trillion in three increments through the end of 2012. Congress could vote to disapprove each increment, but the president could veto its resolutions of disapproval, and the debt ceiling would then rise.
The president would have to identify possible spending cuts equal to the debt ceiling increases, but he would get to choose the cuts, and would not have to make them before the two chambers vote. Congress would be unable to force him to make the cuts it wants, except through the regular appropriations process.
The proposal is clearly meant to shift all the blame for raising the debt ceiling onto the president, and away from Republicans. Every Republican in Congress could proudly vote against the debt increases, but the ceiling would still go up, because there are not enough Republicans to override a veto. It’s a distinction that makes sense only in the current Washington frame of mind, but it’s a trade-off worth making to avoid either a default or radical cuts to discretionary spending and entitlement programs…. – NYT, 7-13-11
- McConnell, Boehner blast Obama over debt talks: Just hours before another White House meeting, the top two Republicans in Congress blasted President Obama today for a debt reduction proposal they say is more specific about taxes than actual budget cuts.
“In my view the president has presented us with three choices,” said Senate Minority Leader Mitch McConnell, R-Ky., referring to efforts to raise the $14.3 trillion debt ceiling. “Smoke and mirrors, tax hikes, or default.” “Republicans choose none of the above,” McConnell said. “I had hoped to do good; but I refuse to do harm.”
Meanwhile, House Speaker John Boehner, R-Ohio, demanded more specifics from Obama, saying, “Where’s the president’s plan? When’s he going to lay his cards on the table?” “This debt limit increase is his problem,” Boehner said. “I think it’s time for him to lead by putting his plan on the table, something that the Congress can pass.”
Republican and Democratic leaders are scheduled to meet with Obama at 3:45 p.m., a third straight day of negotiating…. – USA Today, 7-12-11
JULY 12, 2011: WHITE HOUSE MEETINGS CONTINUE
- Obama says he cannot guarantee Social Security checks will go out on August 3: President Obama on Tuesday said he cannot guarantee that retirees will receive their Social Security checks August 3 if Democrats and Republicans in Washington do not reach an agreement on reducing the deficit in the coming weeks.
“I cannot guarantee that those checks go out on August 3rd if we haven’t resolved this issue. Because there may simply not be the money in the coffers to do it,” Mr. Obama said in an interview with CBS Evening News anchor Scott Pelley, according to excerpts released by CBS News.
The Obama administration and many economists have warned of economic catastrophe if the United States does not raise the amount it is legally allowed to borrow by August 2…. – CBS News, 7-12-11
- Obama, lawmakers regroup to seek U.S. debt deal: President Barack Obama and congressional leaders, struggling to break an impasse over taxes and spending cuts, will regroup on Tuesday to seek common ground for a deal to avoid a looming U.S. debt default.
Obama and top lawmakers from both political parties will hold their third meeting in as many days at the White House at 3:45 p.m. (1945 GMT) to hammer out elements of legislation to reduce the U.S. deficit and raise the debt ceiling by Aug. 2.
The two sides remain far apart on the role of revenues in a deficit-fighting plan. The White House wants to end Bush-era tax breaks for the wealthiest Americans and close other corporate tax loopholes, boosting federal coffers even as massive government spending cuts are made…. – Reuters, 7-12-11
- Obama urges Republicans to follow Reagan example: President Barack Obama urged Republicans to draw inspiration from the hero of fiscal conservatives, Ronald Reagan, who had agreed to revenue increases to cut the US deficit.
“Ronald Reagan repeatedly took steps that included revenue, in order for him to accomplish some of these larger goals,” Obama told CBS in an interview.
“And the question is if Ronald Reagan could compromise — why wouldn’t folks who idolize Ronald Reagan be willing to engage in those same kinds of compromises.”… – AFP, 7-13-11
- The tea party, the debt ceiling and John Boehner’s conundrum: House Speaker John Boehner of Ohio speaks to reporters on Capitol Hill in Washington, Monday, July 11, 2011, as the debt talks continued. (AP Photo/Susan Walsh)When Republicans retook the House in the 2010 midterm elections, there were a handful of smart party strategists who cautioned that managing the majority might be more trouble than anyone thought, due to the scores of tea party-aligned members coming into Congress.
Six months into the 112th Congress and House Speaker John Boehner (Ohio) is learning that lesson in spades, as the debt ceiling debate rages on with no signs of compromise.
New polling from the Washington Post and Pew Research Center paints Boehner’s challenge in corralling the tea party element of the Republican conference in stark relief.
The data suggests that those who identify as Republicans who are supportive of the tea party not only view themselves as far more educated than the average person on the current debt debate, but are also far more worried about the impact if the debt limit is increased.
More than eight in 10 tea party supporters (81 percent) said they understand “what would happen if the government does not raise the federal debt limit” — far more than the 55 percent of all respondents who said the same thing.
Three quarters of tea party supporters said that they were more concerned that raising the debt ceiling would “lead to higher government spending and make the national debt bigger,” while just 19 percent said they were more worried that “not raising the debt limit would force the government into default and hurt the nation’s economy.”
That stands in stark contrast to all Americans in the poll, 47 percent of whom said raising the debt limit was a bigger concern while 42 percent said not raising it was the bigger worry…. – WaPo, 7-12-11