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Debt Ceiling Madness

July 24, 2011

As the country teeters on the edge of financial catastrophe, it’s important to remember that the whole debt ceiling debate is, frankly, bullshit. As ThinkProgress pointed out in April, the four Republicans in top Congressional leadership positions voted to raise the debt ceiling multiple times during the Bush administration, including once on the day they passed a $350 billion tax cut for the wealthy. Republican demands to tie raising the debt ceiling to deficit reduction measures are plainly hypocritical; they’re playing chicken with another recession for political gain. Obama and Congressional Democrats should have avoided this debate altogether by demanding a clean increase of the debt ceiling. Obviously, that’s impossible now, but it’s important to understand the context of the negotiations.

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