6 upvotes, 2 direct replies (showing 2)
View submission: Casual Questions Thread
It seems most experts agree that allowing the US to default by not raising the debt limit will gravely harm the majority of business interests in the US and world-wide, which would include lots of major Republican donors.
When the 2018 Tax Cuts and Jobs Act was up for consideration by Congress, major donors pulled out all the stops to convince Republican congressmen to pass it. "My donors are basically saying, 'Get it done or don’t ever call me again,'" said Rep. Chris Collins, a New York Republican. Sen. Lindsey Graham, a South Carolina Republican, was even more blunt. If Republicans don’t pass the bill, he said, “financial contributions will stop.”
Why haven't these major donors made more of an effort to rein in Republican congressmen on the debt limit brinkmanship?
Comment by keithjr at 17/05/2023 at 17:36 UTC
2 upvotes, 0 direct replies
Why haven't these major donors made more of an effort to rein in Republican congressmen on the debt limit brinkmanship?
The most generous explanation is that they think that the GOP can accomplish what they are striving for; extracting budget cuts for social safety net spending and zero new taxes. They really don't want taxes to go up, or a wealth tax to be imposed. So, they're playing the same game and assuming the Democrats will blink first.
You could ask the same question in 2012 when Ted Cruz did the same shit and got our credit downgraded. It cost the stock market billions, certainly more than they lost with any additional taxes the ACA introduced, but they were just as quiet then.
Comment by Smorvana at 14/05/2023 at 18:02 UTC
-2 upvotes, 0 direct replies
Maybe they want cuts