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August 09, 2011 01:44 AM UTC

With Markets In Chaos, GOP Suicidally Digs In

  • 13 Comments
  • by: Colorado Pols

Talking Points Memo:

In a Monday memo to the House GOP caucus, [House Majority Leader Eric Cantor] candidly acknowledged that S&P faulted the party’s unyielding stance on tax revenues for the downgrade. But he encourages members not to erase this bright line.

“Over the next several months, there will be tremendous pressure on Congress to prove that S&P’s analysis of the inability of the political parties to bridge our differences is wrong,” Cantor wrote. ” In short, there will be pressure to compromise on tax increases. We will be told that there is no other way forward. I respectfully disagree…. I firmly believe we can find bipartisan agreement on savings from mandatory programs that can be agreed to without tax increases. I believe this is what we must demand from the Joint Committee as it begins its work.”

In other words, House Republicans should unite against a plan that isn’t dominated by Medicare cuts and contains no tax increases…

USA TODAY poll released today–wrong answer.

A USA TODAY/Gallup Poll finds signs that another “wave” election with the potential to dramatically change the capital’s political makeup may be building.

Only 24% of those surveyed say most members of Congress deserve re-election, the lowest standing since Gallup began asking the question in 1991. Fifty-six percent say their own representative deserves another term, similar to responses just before tumultuous elections in 1994, 2006 and 2010 that changed control of the House or Senate… [Pols emphasis]

If congressional elections were held today, Americans by 49%-45% say they would vote for the Democratic candidate over the Republican.

Today’s USA TODAY/Gallup poll doesn’t make President Barack Obama look all that great, either, but he is beating the “generic” Republican candidate for President–and enjoys a wider favorability spread over Republicans in Congress than ever before. Other polls conducted in the last few weeks have consistently shown that the debt-ceiling agreement is unpopular precisely because it does not include new revenues to offset cuts–and voters do understand that “balance” is what Obama wanted, and the artificial and political nature of the entire debt-ceiling fiasco. It’s unpopular because it’s the way that House Republicans wanted it.

The poll today indicates a trajectory toward disaster for Republicans similar to the one that beset Democrats prior to the 2010 elections: generally agreed to be related to the health care reform battle, and the intense campaign against Obama and health care reform by Republicans and the “Tea Party.” The trajectory is similar, but the numbers for John Boehner’s Congress look even worse than they did for Democrats before the 2010 elections. And you know why, right?

Because “Obamacare” didn’t wipe out trillions of dollars of market value. What is happening now, with the markets in freefall and real people being hurt, is not a game.  

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13 thoughts on “With Markets In Chaos, GOP Suicidally Digs In”

  1. Whether Rep. Ryan likes it or not, tax increases are on the horizon.

    So far, the Republicans haven’t been willing to cut social Seucrity, Medicare and Medicaid or the defense budget which together makes up about 80% of the federal budget. We are financing 40% of the annual federal budget by increasing the naitonal debt. Assuming we simply cut all the remaining discretionary spending, how does Rep. Ryan intend to fund the remaining 20% which is presently funded by increasing the debt, without raising taxes?

    Oh, that’s right, I forgot. Cut taxes and everything will be allright.

    Rep. Ryan is chairman of the House Budget Committee. If he really thinks the budget can be brought under control without tax increases then he needs to put a specific plan on the table and tell us how much he intends to cut out of the remaining programs. As things stand today, denying that tax increases will be necessary is nonsense and he know it.

  2. The Rasmussen Reports daily Presidential Tracking Poll for Monday shows that 22% of the nation’s voters Strongly Approve of the way that Barack Obama is performing his role as president. Forty percent (40%) Strongly Disapprove, giving Obama a Presidential Approval Index rating of -18

    You know the source and hate it, but finally the other pollsters are starting to catch the drift away from President Obama.

    I agree Obamacare has yet to wipe out trillions in national GDP, but give it a decade or so and it will be sucking an inordinate amount of the national Treasury.

    What has led to the downgrade is the habitual and meth addict-like spending spree that gripped our nation at the beginning of the current administrations watch. Crueling tempting and then delivering access to the National Treasury – in effect bankrupting the nation – so that the professional voting class could be further inticed into committing economic suicide has worked well for Americas liberal leaders.

    The problem we now face as a nation is to address our national condition as we address our own personal budgeting …. Personal responsibility must be taken and Americans know this. There is no free lunch.

    1. Semi-subtle racism was one thing. Copied and pasted email forwards were another. Misleading statistics? Well, you’re hardly the only one. Outright intentional deception? Part and parcel of politics.

      But using affect when you should have used effect?

      My good man, you have at last offended me. Forsooth!  

  3. Seriously?

    What are these guys smoking?

    The rating downgrade by S&P must be laid squarely at the foot of the Republicans who, terrorized by their Tea Party faction, absolutely insisted on not a single tax increase or even closure of a single tax loophole.

    As the clock ticked to zero we were warned that it was probably already too late and that a downgrade would occur even if there was a deal – because the Republicans had proven to the ratings agencies that they were perfectly happy with defaulting on our national debt just to score partisan points.

    It was a disgusting spectacle and can be blamed on inadequate leadership. Inadequate REPUBLICAN leadership. Because until Boehner proved unable to get his Tea Party faction to see reason, he had tentatively reached a Grand Bargain that would have made true, serious inroads into cutting our deficits through a balanced approach of debt cuts, entitlement reforms AND tax reforms/increases. But then the Republicans blew it – and due to their intransigence are basically sabotaging our economy.

    It’s really treasonous, when you think about it: destroying our national economy based on a totally irrational, selfish pledge to Grover Norquist to never, ever raise a tax or close a tax loophole ever.

    We should throw these bastards out in 2012.

    1. Compared with previous projections, our evised base case scenario now assumes that the 2001 and 2003 tax cuts, due to expire by the end of 2012, remain in place. We have changed our assumption on this because the majority of Republicans in Congress continue to resist any measure that would raise revenues, a position we believe Congress reinforced by passing the act.

  4. What does the market know that S&P doesn’t?

    We have two observations:

    (1) Congress decides to cut the deficit (contractionary policy) instead of investing in jobs (expansionary policy), and the stock market tanks.

    (2) S&P downgrades treasuries, the stock market tanks again, and the smart money starts buying those downgraded treasuries.

    Conclusion:

    (1) S&P doesn’t know shit, and apparently throws around $2 trillion dollar mistakes

    (2) Republicans don’t know shit: Contractionary fiscal policy is contractionary.

    (3)People paid to invest other people’s money see the economy heading back into recession due to the US Government failing to create stimulus.

    1. / or because.

      4) The resulting higher interest rates that businesses and borrowers will have to pay as a result of this downgrade means clearly forseeable diminishing prospects for those buinesses and their recovery and expansion.

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