Paul Ryan: Debt limit talks will probably go to "last minute"

Source: CBS News

Just a day after Treasury Secretary Tim Geithner announced that the United States had hit its $14.3 trillion debt limit, Rep. Paul Ryan predicted that negotiations over raising the limit would go until the "last minute" - despite Geithner's entreaties to act "as soon as possible" in order to prevent an economic crisis.

Ryan said in a radio interview on Monday that "we're going to negotiate this thing probably up through July, that's how these things go," according to Reuters.

If Congress does not approve an increase to the debt ceiling, the federal government could default on its bonds for the first time in history, much of the government would shut down, and Social Security and Medicare checks would likely see delays as a result of the government's inability to make payments to agencies.

Geithner has repeatedly warned Congress that delaying a vote on raising the debt ceiling could lead to instability in the markets - and that failing to vote in favor of the increase altogether would likely lead to widespread economic catastrophe.


Read more: http://www.cbsnews.com/8301-503544_162-20063606-503544.html

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Another sign that Republicans are operating under the belief that tanking the economy on purpose is a political gold mine. They are counting on the American people to automatically blame the President regardless of how outrageous their behavior. Look at Tom Coburn suddenly moving the goal posts during the Gang of Six talks, then withdrawing.

If the Republicans really wanted to cut the deficit, there would be an easy deal. Raise the top tax rates, eliminate oil subsidies, and the Democrats would probably be willing to deal on entitlements. But no. The Republicans are insisting on impossible concessions to eliminate any possibility of a deal.

Why? Because they do not want to fix the debt or the deficit!!! They want a double dip recesssion so they can use it to run against President Obama in 2012! Sadly, they are probably right that the American people will not hold them accountable, as the corporate media runs interference for them.

and your analysis is spot-on.

The 2010 elections have demonstrated the success of their "Party-of-NO" strategy.
The Mighty Slime Machine deflected the anger of the electorate onto the Democrats.
They have every reason to be confident that they can do it again.

We cannot assume that those bankrolling the Teabaggers will put the brakes on this insanity.
They are probably betting that we WILL default, in which case they will do everything in their power to make sure that it happens.

than a double-dip recession. I think there will be a deal at the last minute before shit hits the fan. Everybody loses if there is no deal.

:cry:

The Republicans will not risk crashing the financial markets.. their investor/corporate type donors wont let them.

We hit the limit Monday morning.

This will be yet another big opportunity for the publicans to attack important social programs while defending tax entitlements to big oil etc., and they'll use it to it's full advantage. I just hope that all Democrats make a big deal of pointing out what the publicans are up to.

He looks and sounds like a total prick.