This weekend President Obama has told ol’ Harry to cool it and reinserted himself into the debt limit talks. I think that the tea party message has finally gotten through, though not in its entirety. Leaked compromises still consist of immediate debt limit increases that won’t be matched by spending cuts until many years down the line, if then. If Obama gets gets a second term, all bets on the economy and fiscal responsibility are off – spending increases, tax increases, regulatory increases, and limitless borrowing - next stop Depression 2.0. Come to think of it, this is about much more than upping the debt limit, maybe that's why the knives are still out.
The current standoff has been perfectly captured by Nevada County's RL ‘Bob’ Crabb in the cartoon below that first appeared in the 30jul11 Union where we regularly enjoy his political and social insights. (Bob also makes lexicographic contributions as a commenter on these pages.)