Newt On GOP And Debt Ceiling Debate: ‘They’ll Cave’

By Eric Scheiner | January 7, 2013 | 2:52 PM EST

 

Former GOP presidential candidate Newt Gingrich. (AP photo)

(CNSNews.com)- Former Speaker of The House Newt Gingrich is calling the debt ceiling debate a “dead loser” for Republicans and claims "they’ll cave" when pressured.

Gingrich told MSNBC's Morning Joe program on Friday,  “They’ve got to find in the House a totally new strategy. Everybody’s now talking about, ‘Oh, here comes the debt ceiling.’ I think that’s frankly, a dead loser.”

“Because in the end, you know what’s going to happen, “ Gingrich continued, “ The whole national financial system is going to come in to Washington by television and say: ‘Oh my God, this will be a gigantic heart attack, the entire economy of the world will collapse. You guys can’t be responsible.’ And they’ll cave.”

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President Barack Obama and House Republicans engaged in a showdown in 2011 over raising the debt ceiling.

Treasury Secretary Timothy Geithner has alerted Congress that the U.S. debt limit of $16.394 trillion was met on New Year’s Eve. To borrow beyond the $16.3 trillion it has already spent, Congress must pass legislation to lift the debt ceiling.

A showdown is expected between Republicans and Democrats on raising the debt and whether or not to pair any increase with spending cuts.

Eric Scheiner
Eric Scheiner
Eric is the Senior Video Producer for CNSNews.com