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Hume: History lesson for GOP on reining in spending

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    What should Republicans keep in mind?

  • Duration 2:11
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This transcript is automatically generated

Brit Hume has some thoughts on how history should be the Republicans got.

As they look to rein in government spending good -- Brett had a great year.

W thank you.

You'll hear repeatedly in the weeks ahead did failure to raise the nation's debt ceiling means default.

Be aware default -- traditionally understood it means failure to meet interest payments on our nation's debt.

Those payments now account for about 6% of federal spending it's a debt limit is not -- it would mean no more borrowing.

But tax receipts would continue and are enough to cover about 60% and spending so there'd be plenty of tax money to cover national debt payments.

So you'll also hear the slippery phase phrase -- -- on our obligations.

Which is not the same as default on our debt it simply means there wouldn't be enough money to cover all federal spending.

As a result some parts of the government would have to shut down and this is where conservatives need to be careful.

The public is remarkably double minded about the federal government they may want it cut down but history suggests they don't want to shut down.

-- a budget standoff between speaker Newt Gingrich and President Bill Clinton back in the 1990s.

Led to a partial government shut down the public hated.

And -- the Republicans responsible.

They ended up getting nothing but blame.

House Republican backed ventures could learn from this.

One more thing they could learn is that you can't run Washington with control of one house and the senate and White House in opposition enhance Brett.

So when it comes down to how much.

Leveraged.

To Republicans really have backed up against this debt ceiling deadline.

They have some leverage but they'll need nerves of steel.

Because as it gets close if the senate and the White House refused to go along with serious in tellem reformer the other kinds of major changes that would really cut spending.

They're going to be in a position where they're gonna be accused as I suggested of promoting default.

They'll be accused of shutting down major government functions and some of that may happen they may get a lot of blame.

So they will need to delegate and -- done need to be very very tough indeed if they're gonna make this leverage stick provisions if they can do.

Okay -- thank you --

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