The Democrats seem to have settled on their narrative for the debt-ceiling debate: Republicans are “hostage-takers”, threatening to destroy the economy if their demands are not met. To those I documented earlier this week, you can add Chuck Schumer (D-NY), Nancy Pelosi (D-CA), the liberal web site TPM, and former White House green jobs czar Van Jones.
The thing is, that narrative is the precise polar opposite of the truth. In fact, the Republicans wanted to take default off the table and were rebuffed by Democrats. The Democrats, in fact, mocked the very idea that paying bond holders should be the federal government’s fiscal priority. This cannot be emphasized too much: Democrats insisted on preserving the possibility of default in order to give themselves more leverage at the negotiating table.