Now is not the time for Tea Party Republicans to play chicken in the US Congress. The collection of right-wing neo-libertarians are holding the mainstream Republican Party hostage by their insistence on opposing Washington's bid to raise the debt level. Failing to raise the debt ceiling by the August 2 deadline will result in the US federal administration defaulting on its fiscal responsibilities, sparking a global reaction that will bring chaos to the world's economies.
Simply put, most Republicans are afraid to stand up to this minority because they fear repercussions in the next round of mid-term elections in terms of being punished by the Tea Party supporters.
The Tea Party favours smaller government. A key principle of smaller government is fiscal responsibility. But fiscal responsibility does not stop at the borders of Washington D.C. In this age of globalisation, where the world's financial services are inextricably linked and where goods and materials move around the world unfettered, there is no such thing as fiscal isolation.
When a major economy sneezes, we all catch a cold in our wallets. The Tea Party is fiscally irresponsible and politically naive to hold the US and the world to ransom. Enough!
