The debt ceiling must be raised – there isn’t any question of that. Republicans seek to use the debate about it to get even more concessions for their far right agenda. Democrats really shouldn’t blink on this. There was a debate as to the short and long term effects of a government shut down. There isn’t any quibbling about a failure to raise the debt ceiling – it would be a disaster.
As best as I can tell, almost instantly the markets would collapse, and the effects would ripple across the globe. I understand that we experienced one near-collapse of the world economy under a Republican president just 3 years ago, but I don’t think its something we want to see again.
Either the Republican party does the responsible, patriotic thing and raise the ceiling, or they allow the global economy to be guillotined on the altar of their ideology. Those are the stakes.