The debt ceiling was raised seven times under President Bush, but that was okay since was white and a Republican. Now, even though Wall Street OWNS the Republican Party and therefore should be able to exert some influence here before we trash our own Treasury market, I'm not positive the ideology-obsessed Republican Party won't trash the United States' credit just to stand firm AGAINST Obama on every single thing. What's at stake? The dollar has long been used as a "benchmark" on the foreign currency markets because of our stability. Treasury bills are the "safe" place to park money. Even when they have paid no interest, they were where big investors have parked their money when everything else gets shaky. If we default now, that all goes away. We will have to pay more to borrow money, which will increase our debt payments and thereby increase the national debt. But what's all that compared to a pissing match with an "uppity black liberal" if you're a Republican?
And Warren Buffett--the man I firmly believe has one of the best financial minds of our age--agrees:
From the Daily Mail:
Warren Buffett blasts Republicans for 'playing Russian roulette and trying blow America's brains out' with debt limit defiance
The self-made billionaire accused Congress of being reckless by refusing to raise the government borrowing limit beyond $14.3trillion.
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