A majority of House Republicans turned their backs on TARP, the author writes. GOP is bad for business

The debt ceiling debate highlights an increasingly evident fact: the Republican Party is bad for business.

This, of course, runs contrary to the GOP’s carefully crafted image. But it’s hard to come to any other conclusion after reviewing the party’s actions in congressional economic debates. Time after time, Democrats stepped up to take the tough actions needed to prevent economic collapse while Republicans buried their heads in the sand.


First, nearly three years ago, then-Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke flatly told Congress that our financial system would implode without immediate and direct intervention. The remedy they proposed — the Troubled Asset Relief Program — was not popular with anyone, including Democrats.

Yet, there was a broad recognition that failing to act would result in economic calamity. A majority of House Republicans, however, still turned its back on the measure; even as Democrats voted nearly 3 to 1 to pass President George W. Bush’s policy.

Second, our nation was losing more than 750,000 jobs per month when President Barack Obama took office. He proposed a combination of tax cuts and targeted spending to support consumer demand and promote business investment. The U.S. Chamber of Commerce said his legislation took “a necessary step toward getting the U.S. economy back on track.”

While our economy continues to confront significant challenges, every credible assessment of Obama’s legislation shows it helped pave the way for 16 straight months of private-sector job growth. Yet every House Republican voted against it.

Now, congressional Republicans again threaten our economy by risking default on our debt. The business community has clearly laid out that default would have dire consequences for our economy. But many congressional Republicans act as if they don’t believe them or care.

Even after Obama expressed willingness to cut our debt by $4 trillion – proposing $3 in spending cuts for every $1 in new revenue – Republicans still shirk their responsibility of maintaining our nation’s full faith and credit.

These three debates have affected the U.S. business climate more than any other congressional matter of recent years. Each time, the U.S. Chamber of Commerce and many other influential business groups have urged action. But on each occasion, Republicans have walked away from business.

Republicans stress the important economic role of business, but when the chips are really down, they take a walk. They are now the party of “no” when the U.S. economy’s stability, growth and preservation are at stake.

Rep. Sander Levin (D-Mich.) is the ranking Democrat on the House Ways and Means Committee.