It's outrageous that the Republicans would threaten a debt ceiling showdown, something they never did when a party member was president. President Obama rightly said, "One thing I will not compromise over is whether or not Congress should pay the tab for a bill they've already racked up." While both sides of the aisle dig in their heels, Newt Gingrich, among other Republicans, said that the GOP will "cave" on the issue as a result of overwhelming political and economic pressure. Watch as he commented on "Morning Joe":
GINGRICH: They've got to find, in the House, a totally new strategy. For example, everybody talks about "Okay, now comes the debt ceiling." I think that's, frankly, a dead loser because in the end you know what's going to happen. The whole national financial system is going to come into Washington by television and say "Oh my God, this would be a gigantic heart attack, the entire economy of the world will collapse, you guys can't be responsible." And they'll cave.