Why Obama Can’t Negotiate Over Debt Limit

Jonathan Chait: “Obama can’t tame the monster he created gradually; he has to kill it completely. Bargaining his way through this crisis would do Obama no good, even if he could get through it by offering up a meager or even symbolic concession. Anything that allows Republicans to believe they can trade a debt-ceiling threat for policy concessions simply creates a new hostage crisis the next time the debt ceiling comes up. This negotiation is Obama’s only chance to halt the routinization of debt-ceiling extortion…”

“The stakes are higher than resisting the specific demands Republicans are making, and higher even than the economic havoc of a debt breach. Obama is fighting to save his presidency.”

Wonk Wire: Breaching the debt ceiling would be catastrophic