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The Tea Party's Self-Fulfilling Bankruptcy Prophesy The Tea Party's Self-Fulfilling Bankruptcy Prophesy

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The Tea Party's Self-Fulfilling Bankruptcy Prophesy

Why should Congress risk economic calamity by not raising the federal debt ceiling? Because of the economic calamity we're facing! Or at least, so the Tea Party argument goes. We now have less than two weeks before the dreaded August 2 deadline, when, unless the debt limit is raised, the government runs out of money and pretty much all financial hell breaks loose. It's a familiar scenario -- primarily because the Republicans who are standing in the way of an immediate plan to avert a default have been warning us for months that it's been coming. 

But their apocalyptic visions seem to take place decades in the future. Sen. Ron Johnson, Republican of Wisconsin, went on MSNBC's Morning Joe on Tuesday to explain why he wasn't ready to vote to allow the Treasury to borrow more money:

I've always felt, if we're really going to prevent America from going bankrupt, it's a two-step process. The first we have to do is we have to instill that fiscal discipline. The hard spending caps. And I think honestly in the end we need a constitutional amendment to limit the size of government... Anything else, all these other negotiations, secret little things, commissions, that's business as usual. And again that has been bankrupting America.