Words Of Wisdom From Newt Gingrich – Debt Ceiling Fight is “A Dead Loser” For GOP

Appearing on MSNBC’s Morning Joe, Newt Gingrich had something to say about congressional Republicans’ new threat to damage this nation’s recovering economy – fighting President Obama tooth and nail on the debt ceiling fight coming in a couple of months. Congressional Republicans have indicated that they are willing to shut down the government if necessary, to force President Obama and the Democrats to see things their way. And to this idea, Gingrich said;

“But he also knows — they’ve got to find, in the house, a totally new strategy,” Gingrich began. “Confronting — for example, everybody’s now talking about, okay, now comes the debt ceiling. I think that’s, frankly, a dead loser.”

Gingrich explained that “in the end… the whole national financial system is going to come into Washington by television and say ‘Oh, my god, this will be a gigantic heart attack. The entire economy of the world will collapse. You guys can’t be responsible,’ and they’ll cave.”

The last time Republicans threatened to force a U.S. government default by refusing to raise the debt ceiling, which allows the government to pay out money that congress has already spent, the result was the first credit rating downgrade in U.S. history. Another such debacle would be disastrous, but Republicans see this threat as fair game to extract political concessions.

I’m pretty sure that will be the first and only time we use Newt Gingrich and “words of wisdom” in the same sentence.