American politics are fascinating partly because sooner or later they cross the pond and replicate themselves here. Triangulation, for instance. Now we learn that the Republicans in Congress are adamant that the President’s debt limit bill must not go through without some rather large tax cuts. They seem to regard warnings that the US government will start shutting down next week as mere “empty threats.”
These seems odd. Time was when Republicans enjoyed talking to Big Business, partly because Big Business gave them lots of campaign finance, partly because both sides liked to feel that they spoke each other’s language. I cannot think that Wall Street approves of the present impasse in Washington or favours the prospect of missed debt repayments on a large scale. So what is going on? What is the American business establishment saying to Congress on this issue? Come to that, what is the City of London saying to David Cameron and George Osborne on the same topic? That the Republicans are showing us the way?
What is going to happen now? Nelson Rockefeller, thou shouldst be living at this hour!