The Clintonires have been accusing House Republicans of posing a threat to the very fate of the world itself, should the Gingrichites demonstrate their seriousness about getting the budget they want by tying it to the “debt limit” — that is, the amount of money the federal government can borrow to pay back some of the interest on the money it has already borrowed. Treasury Secretary Robert Rubin, for one, is deeply concerned about the possibility of panic gripping the markets. Happily, the markets don’t appear to be panicking. So why does he sound as though he really, really wants some panic to break out? Consider his rhetoric:
Oct. 25: “Those people are basically trying to undermine the democratic process by threatening to default on the federal debt.” Eeeek!
Oct. 17: “This is no way for a great nation to conduct its financial affairs.” Watch out!
Oct. 12: “When you come to the end, you are talking about defaulting on the full faith and credit of the United States for the first time in the history of this country.” Alexander Hamilton is rolling in his grave!
We’ve heard of carrying water for a president, but this is ridiculous. The debt-limit gambit is to force Clinton to behave in a responsible manner on budgetary matters, something his Treasury secretary really ought to support.
