RINO GOP Warn Risks Of Pushing Debt Ceiling Debate Too Far

You cant believe everything Washington say. Democrats wants to debt ceiling raise, but will punt with spending cut. The GOP establishment doesn't want to lose their power and they are dancing with the issue. The Tea Party Conservatives want a shut down. The myth of economical disaster if we don't raise the debt ceiling suggests it is the end of the world. It is a myth and a lie. The revenues we take in as tax is sufficient to pay the debt obligations the government owes. This is the only weapon Conservative have to curb spending. We don't need a scalpel to cut the spending; we need a machete. The market is resilient and will adapt to the change. We have been delaying this for a long time. We need to fix it now or it will be too late down the road.

(Huffingtonpost) All of this is supported by a poll from the Tea Party group FreedomWorks, which found that 69 percent of all voters oppose raising the debt ceiling.

While there is disagreement between Democrats and Republicans over when a default would occur if the government hit the debt ceiling, there is broad bipartisan agreement that such a scenario is undesirable and would likely have dire consequences for the economy and the nation.

So the task for House Speaker John Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.) will be to extract significant concessions from President Obama and Democrats in Congress that will not be rejected as a fig leaf by Tea Party activists. Judging from the Tea Party’s scathing reaction to the deal struck in the most recent fight over this year’s budget, that will be a difficult task.

There are three main components to any potential deal that Boehner and McConnell must address.

One is what kind of structural changes to spending can be enacted, such as spending caps for each year's budget. A second is how deeply spending will be cut in the budget for fiscal year 2012, which starts in October. And the third is how high the debt ceiling will be increased from its current $14.3 trillion level, and whether that will last beyond the 2012 election or not.

They must also deal with what are essentially two different Congressional Republican camps.

Many GOP lawmakers are in the conventional wisdom crowd, which says that the debt ceiling has to be raised no matter what. This subset wants to avoid scaring the markets, but they also think the united GOP bloc has substantial leverage and can extract significant spending cut concessions from Democrats.

The second Republican camp is the more hard line conservative group, which appears willing to press their case to the political and economic limit. They will not vote for a debt ceiling increase unless they receive significant concessions.

For Democratic leaders, the narrative is relatively straightforward: The ceiling should be raised promptly, and some limited spending cuts would be appropriate.