Just for the record, “Between 1980 and 1990, the debt more than tripled,” the Treasury reports. “The debt shrank briefly after the end of the Cold War, but by the end of FY2008, the gross national debt had reached $10.3 trillion, about 10 times its 1980 level.”
Remember the Ryan budget passed by the Republican House majority? The Congressional Budget Office and House Budget Committee estimates that “the spending included in the House Republican Budget Resolution would necessitate a nearly $2 trillion increase in the debt limit by the end of FY2012. Moreover, it would require trillions of dollars in additional debt limit increases beyond that amount for the next several decades.” But these are only government estimates, not facts.
As to the Cantor walkout the morning after his boss met privately with the president, it would be underestimating the speaker to believe he did not know what his Number 1 was going to do. It would be more characteristic of Boehner to believe that he said, “Eric, you can go, now.” It’s a chess move where you sacrifice a Bishop to a Queen.
"In the Bush years the Republicans said that tax cuts will produce jobs. They didn't. They produced a deficit," House Minority Leader Nancy Pelosi (D-CA) said. "Leader Cantor can't handle the truth when it comes to these tax subsidies for big oil, for corporations sending jobs overseas, for giving tax breaks to the wealthiest people in our country while they're asking seniors to pay more for less, as they abolish Medicare," Pelosi said.
Congress and the Treasury seem to have a problem with the concept of a deadline. Showmanship seems to be paramount for the GOP. But it is the absence of any sense of urgency that gives the deadline gambit away. The Biden talks may be “in abeyance” after the Republicans pulled out, but Boehner's office says he's leaving town for an 11-day House recess, swaggering all the way to the golf course.