Here's Krugman's latest; he's essentially calling Obama out. This current crisis, the raising of the debt ceiling, is no longer about the Republicans; it's about Obama himself, the steely-eyed hero of Got-Bin-Laden. Looks like Boehner's got his steely-eyed number.
First, Krugman recounts the original Obama cave-in to Republican hostage-taking — the one December last, when Obama was "forced" to extend the Bush II tax cuts on the very very rich.
Then, after listing all the ways not raising the debt ceiling would be disastrous (the article is worth reading for that alone), Krugman says this (my emphasis):
[H]itting the debt ceiling ... may be unavoidable. ... Because this is a hostage situation. If the president and his allies operate on the principle that failure to raise the debt ceiling is an unthinkable outcome, to be avoided at all cost, then they have ceded all power to those willing to bring that outcome about. In effect, they will have ripped up the Constitution and given control over America’s government to a party that only controls one house of Congress, but claims to be willing to bring down the economy unless it gets what it wants. ...I wrote yesterday that I feared Krugman is "not optimistic" about the Obama outcome. Let's change that; I now think Krugman is as afraid as the rest of us, and is indeed calling Obama out as a last resort.
According to Harry Reid, the Senate majority leader, Mr. Obama has told Democrats not to draw any “line in the sand” in debt negotiations. Well, count me among those who find this strategy completely baffling. At some point — and sooner rather than later — the president has to draw a line. Otherwise, he might as well move out of the White House, and hand the keys over to the Tea Party.
Good luck with that.
GP
