It’s been uncomfortable watching all of these bankers warn about the calamitous impact if the debt ceiling isn’t raised — not because they’re not right, but because it makes it look as though hiking the ceiling is just another Wall Street bailout.
This analogy is turning out to be rather apt.
Politicians are faced with this dilemma: They know the debt ceiling is a serious issue, but they also see polls that say only 16% of the population wants the ceiling raised.
Thus as this Washington Post (via Morning Money) article puts it: political strategists see this as TARP 2.0, a seemingly compulsory YES vote with potentially disastrous political consequences. Lots of pro-TARP politicians saw their careers end, especially in the 2010 midterms.
For freshman GOPers, for whom debt and spending is their bread and butter, voting YES is even more dramatic.