THE PRICE OF POLITICS

A reconstruction of how Republican brinkmanship threatened to bring down the global economy by forcing a U.S. debt default.

Pulitzer Prize–winning Washington Post editor Woodward (Obama's Wars, 2010, etc.) chronicles how Republicans used a previously routine vote on increasing the debt ceiling to blackmail President Barack Obama and the Democratic Party. Emboldened by their midterm victory in 2010, the Republicans aimed to force the president to accept major cuts to the budget and entitlements while holding the line on taxes. In explaining this display of brinkmanship, Woodward explains that for the U.S. president, default was not an option and could in fact bring down the entire global economy. The action takes place in the summer of 2011, beginning with a failed attempt by the White House to craft a workable deal in negotiations with House Speaker John Boehner. When these negotiations collapsed, the entire political leadership of both parties was brought in, leading to recriminations on all sides. The debt ceiling was raised but at the cost of a January fiscal cliffhanger. Although the author faults both Boehner and the president for their “fixed partisan convictions and dogmas,” his main purpose appears to be to discredit Obama. He compares him unfavorably to former Presidents Reagan and Clinton, both of whom handled similar crises. Although admitting that “Obama was handed a miserable, faltering economy and faced a recalcitrant Republican opposition,” Woodward faults him for being both arrogant and inept at building political consensus.

An occasionally intriguing look into political grappling at the highest level but mostly an exercise in excruciating detail, most of which boils down to trivial political gossip.