On Wednesday, President Obama raised the pressure on Congressional Republicans, and asked business groups to help avoid another economic crisis. In a speech before the Business Roundtable, the president urged business leaders to demand that Republicans end their continued “brinksmanship” over two upcoming budget deadlines. President Obama said, “I'm tired of it, and I suspect you are too.”
In his speech, the president reminded executives that the last time Republicans held our economy hostage, our nation's credit rating was downgraded, consumer confidence dropped, and the stock market fell 17 percent. He said, “You have never in the history of the United States seen the threat of not raising the debt ceiling [be used] to extort a president or a governing party. It's irresponsible.”
It's obvious that his comment was directed at Tea Party Republicans who are refusing to raise the debt limit unless the president delays or repeals Obamacare. Even so-called mainstream Republicans, like House Speaker John Boehner, have threatened to throw our nation into default unless the president submits to more GOP concessions.
Once again, President Obama renewed his promise not to negotiate over our nation's debt ceiling, and said, “What I will not do is create a habit, a pattern whereby the full faith and credit of the United States ends up being a bargaining chip to make policy.” Many Americans support the President's hard-line stance on fiscal negotiations, and want Republicans to stop the economic terrorism.
We're only weeks away from two important budget deadlines, and this debate is heating up fast. While Republicans continue to hold their breath and make demands, our economic future hangs in the balance. The president appears to be holding strong, and it will be interesting to see who blinks first in this fiscal showdown. Stay tuned.