Their thinking was this: The GOP was on the wrong side of the polls in the battle over raising taxes on the highest earners. Surveys showed substantial public support for the president and Democrats on that issue. But Republicans are on...
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People have said the same thing but the House should pass their budget and dig in. Do not raise the debt limit and make Obama decide where to spend the money. By law the debt and Social Security will get paid along with most of defense. Now lets see what political decisions Obama will make with the remainder. He will make a political calculation and can be beat to death over it. In addition, after a couple of months people will realize that big brother Fed is really not that important. Withing 3 months the Dems will be begging for a compromise. Either way no more funny money because the Fed Reserve won't have to make up money to give to the Treasury since we will not be borrowing. True deficit reduction!
During the "fiscal cliff" battle, I asked several Republican lawmakers why they didn't push harder for spending cuts in exchange for their historic concession to vote for higher taxes. They invariably answered that they were waiting for the fight over raising the debt ceiling. Then, they promised, Republicans would demand serious cuts, especially in entitlement spending, from President Obama.
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