Newt Gingrich

• These two kinds of crises can sometimes play out at the same time.
• A federal budget was not adopted in time, for example, and there were threats of not increasing the debt ceiling.
• The debt ceiling has been raised 78 times since 1917 and currently stands at US$31.4 trillion.
• Here are three debt-limit crises I watched play out - which not only had economic consequences, but political ones as well.

1995: A GOP revolution – and blunder

• In the 1994 midterm election, during President Bill Clinton’s first term, the Republicans gained eight Senate seats and 54 seats in the House, flipping both chambers.
• The election was seen as a Republican revolution.
• Bob Dole became the majority leader in the Senate, and Newt Gingrich became the speaker of the House.
• GOP lawmakers pledged to pass a balanced budget as part of what they named their “Contract with America.” House Republicans sent Clinton a budget that cut spending on domestic programs, which he vetoed.

2011: Budget reductions and reforms, with a side of financial chaos

• The House then demanded that Obama negotiate a deficit reduction package in exchange for raising the debt ceiling.
• As the deadline for increasing the debt limit approached, both the U.S. domestic and even international financial markets became chaotic.
• It reduced spending over the following 10 years by US$917 billion and authorized raising the debt ceiling to $2.1 trillion.
• It also included an automatic provision to cut the budget should Congress fail to act.

2013: ‘We got nothing’

• This included not paying into retirement funds of federal workers and borrowing from trust funds such as Social Security.
• At the same time, Republicans, who controlled the House, had demanded budget cuts as well as policy changes.
• They wanted Obama to eliminate the funding for his Affordable Care Act, which was considered his major legislative achievement.

Risks to both sides

• History indicates there are substantial risks to both parties as well as their respective leaders as the nation heads for the early June showdown.
• The 1995 crisis did not benefit Republicans, and some even argue it contributed to Clinton winning reelection.
• With only a four-seat majority, the risks to the Republican leadership are high.

• SAN DIEGO, April 1, 2021 /PRNewswire/ --Home Title Lock, the nation's leading home title fraud detection service, has announced a partnership with former Speaker of the United States House of Representatives, Newt Gingrich.
• The industry leader, Home Title Lock protects home owners by monitoring title documents using its proprietary monitoring system of 5.5 billion title assets.
• "America's homeowners have a false sense of security today believing that their title insurance or identity theft companies protect them from title theft or title fraud," said Gingrich.
• The nation's first and leading home title theft detection service, Home Title Lock offers a comprehensive approach to protecting customers' homes by monitoring more than 5.5 billion title document assets.

• ARLINGTON, Va., June 22, 2020 (GLOBE NEWSWIRE) -- Today, Former Speaker of the U.S. House of Representatives Newt Gingrich announced the June 23 release of his new book Trump and the American Future: Solving the Great Problems of Our Time.
• I believe this is a vitally important book that every American should read.
• It is now more important than ever that we have a real, honest, reciprocal dialogue about the state of our union.
• We should no longer allow teachers unions to hold children captive in failing schools to protect teachers who do not teach.

• JACKSONVILLE, Fla., July 31, 2019 /PRNewswire/ -- Cannabis operator Revolution Florida, a sister company of Illinois-based Revolution Enterprises, announced today that prominent LGBTQ leader Candace Gingrich (they/their) was appointed Vice President and Head of Business Development for the company's newly expanded operations in Florida.
• "Revolution is committed to bringing people from all walks of life into the legal cannabis business," Gingrich said.
• "Revolution is fortunate and excited to have Candace join our team," Revolution CEO Mark de Souza said.
• "Candace's skillsets in creating partnerships, marketing, and advocacy -- and our shared passion for social equity -- made Candace a natural choice to lead business development and marketing in Florida."