The parties switch roles on claims of economic hostage-taking

In the span of a year, the two parties have reversed roles in accusing one another of holding the U.S. economy captive to a major policy demand.

In July 2011, it was the GOP that was warning it would not increase the debt limit if Democrats did not agree to dramatic spending cuts. Democrats said Republicans were threatening a first-ever default by the federal government on its debt.

Now it’s the Republicans’ turn to cry bloody murder. House Speaker John Boehner (R-Ohio) on Wednesday accused Democrats of threatening to “tank” the economy by saying they would let taxes rise for all Americans at the end of the year and allow deep defense cuts to go through if the GOP did not agree to a tax hike on the wealthy.