Thursday, May 23, 2013

Marco Rubio is Still an Economic Illiterate

Sen. Marco Rubio's reasoning for not allowing Republican House members to conference with the Senate is mind-boggingly stupid. Rubio tweeted this gem.

Rubio, who has made a couple floor speeches about the standoff, tweeted this evening: "Will keep objecting to budget negotiations moving forward until Senate leaders agree to rule out raising #DebtLimit." If they don't plan to raise #DebtLimit in budget then why do they object to putting it in writing upfront?"

Rubio's position is he won't let the House of Representatives conference with the Senate because he wants the federal government to default. That is exactly what would happen if the debt ceiling isn't raised. Congress controls the power of the purse. The main job of Congress is to pass a budget. Rubio is denying Congress the ability to fulfill its constitutional responsibility so he can create a potential international economic crisis.

Every country on the planet is tied to United States currency. The most likely scenario would be countries freezing credit. A credit freeze is what caused the crashes in 1929 and 2008. The federal government doesn't have the revenue to pay the debt. If the debt ceiling isn't raised the international markets will panic. Rubio throws his political spitballs but he never offers a solution. Of course, Rubio ignored Alex Sink's warnings to deal with Florida's debt.

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