Photo Credit: DonkeyHoteyBy Alexandra Jaffe.
House Democrats believe the shutdown will help them put the lower chamber in play this cycle.
Democratic candidates running against vulnerable Republicans have wasted no time in hammering the incumbents as key actors in what they’re characterizing as a Tea Party-led shutdown that’s hurting Americans.
Many of those Republicans, in a signal they’re concerned about the possible political ramifications, are calling for an end to the stalemate — like Reps. Scott Rigell (R-Va.), Pat Meehan (R-Pa.) and Jon Runyan (R-N.J.), all of whom are facing reelection in difficult districts and all of whom called this week for the passage of a clean CR to end the shutdown.
Multiple polls, too, have shown Americans are placing the blame for the shutdown on Republicans.
Democrats need to pick up 17 seats to win back the House, a tall order under any circumstances, and even taller in an off-year when the party holding the White House typically loses seats.
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Photo Credit: © Images.com/CorbisThe Shutdown Is a Sideshow. Debt Is the Threat
By Niall Ferguson.
In the words of a veteran investor, watching the U.S. bond market today is like sitting in a packed theater and smelling smoke. You look around for signs of other nervous sniffers. But everyone else seems oblivious.
Yes, the federal government shut down this week. Yes, we are just two weeks away from the point when the Treasury secretary says he will run out of cash if the debt ceiling isn’t raised. Yes, bond king Bill Gross has been on TV warning that a default by the government would be “catastrophic.” Yet the yield on a 10-year Treasury note has fallen slightly over the past month (though short-term T-bill rates ticked up this week).
Part of the reason people aren’t rushing for the exits is that the comedy they are watching is so horribly fascinating. In his vain attempt to stop the Senate striking out the defunding of ObamaCare from the last version of the continuing resolution, freshman Sen. Ted Cruz managed to quote Doctor Seuss while re-enacting a scene from the classic movie “Mr. Smith Goes to Washington.”
Meanwhile, President Obama has become the Hamlet of the West Wing: One minute he’s for bombing Syria, the next he’s not; one minute Larry Summers will succeed Ben Bernanke as chairman of the Federal Reserve, the next he won’t; one minute the president is jetting off to Asia, the next he’s not. To be in charge, or not to be in charge: that is indeed the question.
According to conventional wisdom, the key to what is going on is a Republican Party increasingly at the mercy of the tea party. I agree that it was politically inept to seek to block ObamaCare by these means. This is not the way to win back the White House and Senate. But responsibility also lies with the president, who has consistently failed to understand that a key function of the head of the executive branch is to twist the arms of legislators on both sides. It was not the tea party that shot down Mr. Summers’s nomination as Fed chairman; it was Democrats like Sen. Elizabeth Warren, the new face of the American left.
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