Newt Gingrich — who attempted a less aggressive version of the debt limit hostage taking strategy during his speakership — has warned Republicans that their strategy will ultimately collapse.
“Everybody’s now talking about, ‘Oh, here comes the debt ceiling,’” he said on MSNBC. “I think that’s, frankly, a dead loser. Because in the end, you know it’s gonna happen. The whole national financial system is going to come in to Washington and on television, and say: ‘Oh my God, this will be a gigantic heart attack, the entire economy of the world will collapse. You guys will be held responsible.’ And they’ll cave.”
A recent editorial in the conservative Wall Street Journal called the GOP’s strategy into question as well.