The President rightly pointed out today that the House Republicans are jeopardizing Social Security checks, disability checks, and veterans benefits:
"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it"
Stopping checks or defaulting on debts would be a complete disaster, whether we're talking about the consequences to individuals or the consequences on the national macro-economy.
Setting recent arrivals Jon Runyan and Leonard Lance aside, every New Jersey Republican and Democrat have voted to raise the debt ceiling multiple times (PDF), each voting yes when their party was in the majority and no when it wasn't. These long-term Republicans -- Frank LoBiondo, Chris Smith, Scott Garrett, Rodney Frelinghuysen -- are in perfectly safe seats and it's time for them to step up for the good of the country. After all, they already approved the budget so they have authorized every dollar of spending, knowing that it required borrowing. It's been pure political showmanship until now, but reality is intruding. They need to vote -- with some Democrats of good faith -- to raise the debt ceiling without continuing to take the country hostage.
Furthermore, these long-term debt deals are meaningless because you can't control what future Congresses do. Look at how Frank LoBiondo complains every year about "cuts" to Medicare doctor reimbursements and votes to pay the doctors more. In fact, LoBiondo and the 1997 Republican majority insisted on putting the Medicare cuts into the budget to "balance" future projections. If he's reading this, please don't destroy the country for a deal that you yourself will denounce in a few years.
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