Young Guns Origins of the debt showdown - The Washington Post On the Hill, leaders congratulated themselves for averting disaster. Republicans considered it a win-win: deep spending cuts to come and no new taxes. But the markets were less impressed with the turn toward austerity. After slumping for days, they swooned Thursday amid mounting fears of a new global slowdown. On Friday, the rating agency Standard & Poors issued the first-ever downgrade of the nations credit rating, saying the political brinkmanship of recent months had shown evidence of Americas governance and policymaking becoming less stable, less effective, and less predictable. (and yet, REpublicans insist they got 98% of everything they wanted, oops) The public shared the markets unhappiness. In a New York Times poll released Thursday, 82 percent of those surveyed said they disapproved of how Congress was doing its job, a record number. Republicans earned more criticism than Democrats. For Democrats, the deals lack of new tax revenue was hard to swallow. But some believed they would be able to regain leverage this fall, when a new committee begins working to tame the debt, and late next year, when the Bush-era tax cuts are set once again to expire. For Republican leaders, there was pride in a hand well played. I think some of our members may have thought the default issue was a hostage you might take a chance at shooting, Senate Minority Leader Mitch McConnell (R-Ky.) said. Most of us didnt think that. What we did learn is this its a hostage thats worth ransoming. (the GOP loves taking hostages. they proved that with unemployment and the Bush tax extensions) ---------------------------------------------- I think I read the average age of the Republican Party member is 62. For a group that hates government and wants to end "entitlements", I suspect they will become the single largest group depending on government to take care of them. You watch.