Backing off his earlier stance, House Majority Leader Eric Cantor (R-VA) is warning colleagues that the Treasury Department's deadline to raise the debt ceiling before a catastrophic default is the real deal.
"Secretary Geithner feels August 2 is his deadline," Cantor told ABC News in an interview released on Monday. "I don't question the Secretary of the Treasury other than to say we're trying to get in place real spending reductions -- trillions of dollars of spending reductions -- if the president wants us to increase the credit limit of this country by trillions of dollars."
<..> Investors have been growing worried in recent weeks that the GOP Majority and especially its 87 Republican freshmen may be unaware of the consequences of their actions should a debt ceiling increase fail to pass. Asked about these concerns, Rep. Tim Scott (R-SC), the chair of the freshman caucus, told TPM last week he did not believe running up against the deadline would cause significant turmoil in the economy.
Hmmmm quite a flip-flop for his nibs. The teabaggers don't believe the impact of not raising the ceiling....and they don't care.