![]() A Washington Post story described the House leader’s actions as “House Speaker Newt Gingrich (R-Ga.) threatened yesterday to take the government into default for the first time in history unless President Clinton bows to Republican demands for a balanced budget.” Clinton responded to the latest GOP budget offer with a second veto, which led to a longer government shutdown of 21 days. Gingrich then threatened not to increase the debt limit. ![]() ![]() This in turn led to a five-day shutdown of the federal government. GOP lawmakers pledged to pass a balanced budget as part of what they named their “Contract with America.” House Republicans sent Clinton a budget that cut spending on domestic programs, which he vetoed. Bob Dole became the majority leader in the Senate, and Newt Gingrich became the speaker of the House. The election was seen as a Republican revolution. In the 1994 midterm election, during President Bill Clinton’s first term, the Republicans gained eight Senate seats and 54 seats in the House, flipping both chambers. Often, a debt-limit crisis is preceded by an election that produces a major shift in who controls Congress. Here are three debt-limit crises I watched play out – which not only had economic consequences, but political ones as well. ![]()
0 Comments
Leave a Reply. |