Wednesday, April 20, 2011

Freshman Repubs Getting Big Time Pressure on Debt Vote

They MUST force big spending cuts, really BIG spending cuts or they will have frittered away their most valuable leverage.

The fiscally conservative freshmen are under intense pressure to vote to raise the cap on U.S. borrowing so that the United States can continue to pay its bills after May 16. The Obama administration has expressed confidence that a deal can be reached with Republicans but Wall Street is less sure.

Yet there are signs the intense lobbying effort is falling flat. Many freshmen still insist they will not vote to raise the debt ceiling unless it comes with legislation to slash America's $1.4 trillion deficit.

This is no ordinary class of rookie Republican lawmakers. Many are aligned with the loosely organized conservative Tea Party movement that is devoted to dramatically scaling back federal spending.

After being elected to Congress from relative obscurity, they are being lavished with attention and receive almost daily warnings that a failure to raise the debt limit will trigger a global economic catastrophe.