The Tea Party was so stubborn in its allegiance to ideology that it brought The United States of America to the brink of default [according to Standard & Poor’s] and was the major cause of a download by one credit rating agency of “the full faith and credit of The United States.” Read this excerpt from The Economist:
This is crucial. Sovereigns aren’t like companies. They can’t go bankrupt, and creditors can’t seize their assets. Their creditworthiness depends as much on their willingness as their ability to pay. As Felix Salmon presciently noted before the announcement was made, it’s not our ability to pay that’s in doubt:
“America’s ability to pay is neither here nor there: the problem is its willingness to pay. And there’s a serious constituency of powerful people in Congress who are perfectly willing and even eager to drive the US into default. The Tea Party is fully cognizant that it has been given a bazooka, and it’s just itching to pull the trigger. There’s no good reason to believe that won’t happen at some point.”
Tea Party, read the Deal that The Congress and The President finally agreed to. It includes a trigger that will force cuts and revenue raises, etc., that is if you pull your sh*t again! [I think the “S” word is appropriate here.] DON’T FORCE US TO GO THROUGH UGLY GOVERNANCE EVER AGAIN. Many of you were in state government or are students of civics. You know that to get something done in a legislative body, you have to use the currency of compromise…and deals! How long is your term of service? Do you really want to be a one term legislator?
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