In case anyone actually thinks the republican party is a bastion of conservative ideals, have a read of this speech made by republican Senator Chuck Grassley in 2007:Mr. GRASSLEY: Mr. President, the current law is that we
have a statutory limit on the amount of money the Federal Government can
borrow, and that has to be reconsidered from time to time. The legal
limit applies to the money borrowed from individuals, private
investors–such as banks and pension funds–as well as money borrowed from
other governmental programs that are in surplus–such as Social Security
and Medicare, or what we call intergovernmental borrowing.
Increasing the debt limit is necessary to preserve the full faith and
credit of the United States of America. Without an increase in this
limit , our Government will face a choice between breaking the law by
exceeding the legal limit or breaking faith with the investors by
defaulting on debt . Neither of those choices is acceptable, and we have
never done them.
Critics sometimes object to raising the debt limit on grounds that it
will allow the Government to borrow more money, but refusing to raise
the debt limit is akin to refusing to pay your individual credit card
bill after you have already gone shopping and bought something. We
cannot pass tax bills and spending bills and then refuse to pay our
bills. The time to control the debt is when we are voting on bills that
actually create that debt .
Raising the debt limit is about meeting the obligations we have
already incurred, it is that simple. We must meet our obligations. So I
urge my colleagues to support this increase.
The only reason the republicans are now acting like they care about the debt limit is because there is a democrat in the White Office and it's politically expedient, not because it's something they stand for. It just amazes me that statesman clowns like this keep getting re-elected. 
H/T Invictus
