To truly understand the role of the press in enabling the current crisis, you really need to see this exchange …
because Dem base is demanding that govt stay open and Treasury not default? @rickklein
— John Harwood (@JohnJHarwood) October 7, 2013
Here’s the full story.
John Boehner’s press secretary, Michael Steel, just sent out a link to this Bloomberg article predicting catastrophic fallout from a US debt default with this message attached: “Folks – This really, really sounds like something Washington Democrats ought to talk to somebody about avoiding. Maybe that’s just me. – steel”
So what’s happening? Are we headed to default? Are we just in a round of Kabuki theater where real default isn’t a realistic possibility?
Here’s my take on what’s happening and where we are.
Jonathan Krohn, who many of you probably remember from his past life as CPAC wunderkind, is now working as a freelance foreign correspondent in Cairo. Here’s his first hand, on-the-ground account of running battles between Muslim Brotherhood and anti-coup activists and government forces yesterday in Cairo. Special to TPM.
You’ve seen Charlie Dent and Pete King out railing against the shutdown, blaming it on Republicans, calling for a no-strings-attached bill to reopen the federal government. Surely, they’re willing to sign the discharge petition that could force Speaker Boehner’s hand, right? Well, no.
On the other hand, Sen. Kirk says he’s willing to vote with Democrats to block a filibuster of a similar bill in the Senate.
I’m a little bit out of my territory here. But I wanted to address one point that comes up repeatedly as sane people consider the prospect of the United States government defaulting on its debt obligations. Is there no escape hatch? No in extremis lever the President can pull to protect the country and the whole global economy from such cataclysmic damage?
Answer: no. Explanation: after the jump.
House Republican, Scott Garrett explains what his colleagues need to get if they’re not going to force a credit default. “They may try to throw the kitchen sink at the debt limit, but I don’t think our conference will be amenable for settling for a collection of things after we’ve fought so hard. If it doesn’t have a full delay or defund of Obamacare, I know I and many others will not be able to support whatever the leadership proposes. If it’s just a repeal of the medical-device tax, or chained CPI, that won’t be enough.” (emphasis added)
Something big is required because they’ve “fought so hard.”
Scared yet?
When approaching the cliff at top speed, do you (a) deny it’s a cliff; (b) deny gravity; (c) pretend it’s not going to hurt much; or (d) all of the above? Meet your government default denialists.
Not terribly surprised that Carl Bernstein is one of them. But let’s record the major media figures who are willing to talk honestly about what’s happening in Washington. Here’s Bernstein. Watch.
And remember ABC’s Rick Klein and John Harwood from yesterday.
The Supreme Court is hearing oral argument this morning in the next big campaign finance case. Our Sahil Kapur is there. Look for his report later this morning.