Former Republican presidential candidate Newt Gingrich disagrees with the view of many GOP congressmen that they hold the upper hand on President Barack Obama over the debt ceiling issue.
After reluctantly agreeing to the fiscal cliff bill, these legislators said they have leverage on spending concerns, as President Barack Obama will need their cooperation to raise the $16.4 trillion debt limit in coming weeks. The idea is that they can force him to accept spending cuts, including entitlements.
The GOP will face tremendous pressure to cave on the debt ceiling to avoid blame for pushing the government into default, Gingrich says.
“They’ve got to find, in the House, a totally new strategy,” he said on MSNBC’s “Morning Joe” program.
“Everybody’s now talking about, ‘Oh, here comes the debt ceiling.’ I think that’s a dead loser. In the end, it’s gonna happen. The whole national financial system is going to come in to Washington and say: ‘Oh my God, this will be a gigantic heart attack; the entire economy of the world will collapse. You guys will be held responsible.’ And they’ll cave.”
Gingrich, a former House speaker, was critical of current speaker John Boehner for failing to develop a more consistent strategy. "He can't keep thinking the way he's thought the last few months without having a disaster on his hands," Gingrich, said.
The battle lines being drawn for the debt-limit skirmish are ominous. Obama has vowed not to negotiate with Republicans over the issue, and Boehner has told fellow GOP lawmakers that he’s through negotiating with Obama one-on-one, Politico reports
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