Whatever the resolution to the Republican hostage-taking of the U.S. debt ceiling, it's becoming increasingly clear it will a painful one. Failure to boost the $14.3 trillion limit by August 2nd, as even some of the GOP extortionists are only now beginning to understand, would produce what Speaker John Boehner admitted would be "a financial […]

"The chief consequence of the conservatives' unrelenting faith in the badness of government," Thomas Franks wrote three years ago in The Wrecking Crew, "is bad government." But would happen if virtually every article of that faith were wrong or, much worse, a blatant lie? Then you'd have something that looks very much like the crisis […]

As the GOP hostage-taking drama over raising the debt limit appears headed towards a final showdown, Republican Congressmen, Senators and presidential candidates alike are pushing the "Cut, Cap and Balance" pledge. While Mitch McConnell's "Plan B" would see Republicans yield on boosting the $14.3 trillion debt limit now in exchange for a mechanism to gut […]

On the same day that the U.S. Chamber of Commerce, Federal Reserve Chairman Ben Bernanke and Wall Street rating agencies joined the ever-louder chorus of voices warning Republicans that failure to raise the U.S. debt ceiling would result in "calamity," Speaker John Boehner announced that at least 60 GOP Congressmen "won't vote to raise the […]

Summing up the current Republican debt ceiling hostage-taking are two of the most telling statements in the annals of American politics. "Reagan," Vice President Dick Cheney famously declared in 2002, "proved deficits don't matter." And on Monday, House Majority Leader Eric Cantor added, "What I don't think that the White House understands is how difficult […]

Among the truisms of American politics is this: the side decrying "class war" is the one winning it. So it is with the ongoing Republican hostage-taking drama over the debt ceiling and upper-income tax increases. Facing overwhelming pressure from his own party, Speaker John Boehner retreated from the "grand bargain" on deficit reduction he supported […]

As the South teetered on the edge of calamity near the end of the Civil War, the Confederate Congress refused pleas to arm the slaves. "If the Confederacy fails," CSA President Jefferson Davis lamented, "there should be written on its tombstone: Died of a Theory." Almost 150 years later and with Davis' political heirs having […]

On July 4, U.S. officials, foreign dignitaries and conservative luminaries gathered outside the American embassy in London to unveil a $1 million statue of Ronald Reagan. As it turns out, the timing was more than a little ironic. Because even as the Gipper was honored in Britain, it's increasingly clear he would have no place […]

While the nation is celebrating its independence this Fourth of July weekend, few in Minnesota are in a partying mood. The government shutdown continues in the Land of 10,000 Lakes, with services stopped and 23,000 employees furloughed as a $1.4 billion, two-year budget gap remains unfilled. Republicans in both house of the state legislature would […]

President Obama Addresses the Nation on the Debt Ceiling* (As Prepared for Delivery, July 1, 2011.) My fellow Americans, I want to speak to you today about a matter of the greatest national urgency. We face a crisis unique in our history. This threat comes not from a foreign foe or bloodthirsty terrorists, but is […]