Congressional Republicans are really eager to destroy any confidence foreign investors might have in the U.S. political system:
House Republicans are considering a plan to grant only incremental increases to the federal debt limit in a bid to extract more concessions on spending cuts and budgetary reform from the Obama administration.
The idea has a champion in Grover Norquist, the conservative activist and president of Americans for Tax Reform, who says he is “building allies” in the House Republican Conference to push for extending the debt limit every two months.
The proposal has gained traction with some members of the conservative Republican Study Committee, who plan to bring it up in “listening sessions” scheduled by party leaders for after the Easter recess.
In essence, right-wing House members are proposing a schedule of periodic debt crises, as the United States scrambles to meet its obligations every two months. In addition to being a complete waste of time, foreign investors would flock from the U.S. debt, once they understood that our Congress had committed itself to long-term political disfunction.
Not only is this insane, but it's worth remembering that these people have a real shot at winning the White House in 2012. Happy Friday!
