Terrorists: Sen. Mitch McConnell and Speaker John Boehner. (Reuters)
Hey, thanks Republicans! Your fight last year over raising the debt ceiling didn't just result in the first time in history the nation's credit rating was downgraded.
It didn't just hurt the economy
or disrupt the economic recovery
, halt job growth, and wreck consumer confidence. It also cost taxpayers $1.3 billion
and counting, according to the Government Accountability Office.
The nonpartisan Government Accountability Office said Monday that the $1.3 billion in costs came as the result of increased borrowing costs for the Treasury Department. The final cost is expected to climb higher as multi-year obligations and other outstanding costs are added later.
Why did it cost so much money? Because as lawmakers and President Obama fought over the details, the Treasury Department had to suspend investments in several funds for federal employees, postal workers and other reserves in order to pay the nation’s financial obligations, the GAO said. Treasury then had to spend more money and time after the fight to restore those funds.
What's worse is that they're promising to do it again. House Speaker John Boehner, just a few months ago, said that the next debt ceiling
hike provides another opportunity, is an "action-forcing event" for more hostage-taking. He's aided and abetted by Senate Minority Leader Mitch McConnell, who promises
more, too. He calls it a "hostage that's worth ransoming," and promised that "never again" will the debt ceiling be raised "without having to engage in the kind of debate we’ve just come through." As long as McConnell has a Republican House to work with, he can make good on that promise.
Remember the supposed reason Republicans started this whole fight? The deficit. Saving money for taxpayers. Right. America can't continue to afford this Republican Congress. We need to take it back.
Please chip in $3 or whatever you can to get the speaker's gavel back in Nancy Pelosi's hand.