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The GOP made up this crisis all by themselves in order to push a very perverse agenda.

It is no secret, this debt limit crisis is all smoke and mirrors; we have in the past done it without any agonizing or without much controversy. Dozens and dozens of times it has been done and nobody ever put up a fight. It was routine and it was necessary.

America has to pay the bills of the debts it has already contracted…no ifs, no buts…to do otherwise would be economic suicide. Now, the Republicans know this and that is the reason they came up with the brilliant idea to drive the country to the brink of economic disaster (for the second time, once during Bush) and then blackmail the President and hold the American People hostage.

Don’t even consider this to be a valid argument, there is no budget crisis, what there is for sure is a job crisis and a revenue problem.

This is what some respected experts have to say on this issue:

ROBERT B. REICH

Don’t Fall for the GOP Lie: There is No Budget Crisis. There’s a Job and Growth Crisis. robertreich.org — “The federal budget deficit has no economic relationship to the debt limit. Republicans have linked the two, and the Administration has played along, but they are entirely separate. In economic terms, we will not “run out of money” next week. We’re still the richest nation in the world, and the Federal Reserve has unlimited capacity to print money. Nor is there any economic imperative to reach an agreement on how to fix the budget deficit by Tuesday. It’s not even clear the federal budget needs that much fixing anyway. Yes, the ratio of the national debt to the total economy is high relative to what it’s been, but not as high as it was after World War II. If and when the economy begins to grow faster — if more Americans get jobs, and we move toward a full recovery — the debt/GDP ratio will fall, as it did in the 1950s, and as it does in every solid recovery. Revenues will pour into the Treasury, and much of the current “budget crisis” will be evaporate. Get it? We’re really in a “jobs and growth” crisis – not a budget crisis.”

PAUL KRUGMAN

The Centrist Cop-Out nytimes.com — “The facts of the crisis over the debt ceiling aren’t complicated. Republicans have, in effect, taken America hostage, threatening to undermine the economy and disrupt the essential business of government unless they get policy concessions they would never have been able to enact through legislation. And Democrats have gone a long way toward meeting those Republican demands. As I said, it’s not complicated. Yet news reports portray the parties as equally intransigent; pundits fantasize about some kind of “centrist” uprising, as if the problem was too much partisanship on both sides. Making nebulous calls for centrism, like writing news reports that always place equal blame on both parties, is a big cop-out — a cop-out that only encourages more bad behavior. The problem with American politics right now is Republican extremism, and if you’re not willing to say that, you’re helping make that problem worse”.

The issue is even more severe than most people realize; either way,, the American people and the American nation will come out as losers. If in one hand we give in to the Republican-Teahadists are demanding we will see a recession even worse than the one they created and we are still trying to overcome…but if we don’t and we default on our debt, then the crisis is assured and perhaps just as severe if not worse…one that America will not be able to recover even if the best prosperous years are to follow.