I hear a great deal about the awfulness of the debt ceiling hostage-taking as a procedural precedent. I agree it was a form of economic terrorism and highly damaging to all involved. But part of me is happy that there is an actual ceiling, as we head past $14 trillion in debt, and am not so sure the experience of the last few weeks has made it easier to do it again. A reader notes:
The Tea Party contingent in Congress has managed something quite extraordinary in American politics, and it wasn't establishing a precedent for holding the country hostage. Rather, they have managed to horrify almost the entire nation, including liberals, centrists, independents, conservative traditionalists, the Republican leadership in Congress, and even, according to NYT's reporting, many of their own constituents. I think the eleventh hour "hold our noses" bipartisan pragmatism that finally got the deal done is the precedent that, when push comes to shove with the Tea Party, has been established. For all of the above-cited political factions the take away attitude is "never again."
If interest rates rise, and if the economy falters as a result of this (the stock market loss yesterday will be noted by many), people will begin to see that some ability to compromise is a virtue, not a vice. The trauma and damage of the last month may make it harder next time for any party to get away with this. And the taint is likeliest, in my view, to hang around the fanatical GOP rather than the pretty much helpless president.
The Dish 