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Closed Door GOP Meeting Stresses Economic “Meltdown” Default Would Likely Cause

Posted by Solomon Kleinsmith on Sunday, July 17, 2011 · Leave a Comment

I’m hoping this amounts to light at the end of the tunnel.

From the LA Times:

At a closed-door meeting Friday morning, GOP leaders turned to their most trusted budget expert, Rep. Paul D. Ryan of Wisconsin, to explain to rank-and-file members what many others have come to understand: A fiscal meltdown could occur if Congress fails to raise the debt ceiling.

House Speaker John A. Boehner of Ohio underscored the point to dispel the notion that failure to allow more borrowing is an option.

“He said if we pass Aug. 2, it would be like ‘Star Wars,’” said Rep. Scott DesJarlais, a freshman from Tennessee. “I don’t think the people who are railing against raising the debt ceiling fully understand that.”

The warnings appeared to have softened the views of at least some House members who, until now, were inclined to dismiss statements by administration officials, business leaders and outside economists that the economic impact would be dire if the federal government were suddenly unable to pay its bills.

Freshman Rep. Steve Womack (R-Ark.) said the presentation about skyrocketing interest rates that could result from downgraded bond ratings was “sobering.”

“It illustrates to us that doing nothing is unacceptable,” he said. “I think the conference understands this is a defining moment for us. It’s time to put the next election aside.”

If reports are to be believed, there has always been more disagreement inside of the GOP caucus than is seen in public. They are certainly better at seemingly having a single voice then the democrats, both now and normally. The most important sign in my eyes is that they are making some gestures that could genuinely be seen as precursors to allowing at least some of their members to vote for a package like the President is pushing to get it over the top in the House and Senate, while not pressuring the right wingers to go along, so they can keep their campaign promises. Lets hope something like this is what is going on.

Read on at the LA Times »