The Fraudulence of the Self-Proclaimed Fiscal Hawks

In 2011, House Republicans, led by Paul Ryan, issued a report full of dire warnings about the dangers of budget deficits. “The United States is facing a crushing burden of debt,” it declared, warning of a looming fiscal crisis that might soon “capsize” the economy. Citing the horrors of big deficits, Republicans refused to raise the federal debt ceiling, threatening to create financial turmoil and effectively blackmailing President Barack Obama into cutting spending on domestic programs.