Ken Obama clearly miscalculated. But note that he was the one who brought on the debt ceiling crisis. That was his choice. He could have avoided by it by having tied the extension of the Bush tax cuts to a raising of the ceiling. But he did not do that because he wanted to tie a raising of the ceiling to a long term debt reduction plan. He thinks (or maybe knows) that this is the key to keeping the Chinese and other intl investors confident in the US bond market, and their confidence is the most effective stimulus that the economy has. Obama miscalculated because he had not understood how far the Tea Party was from Republicans that he knew like David Brooks. Brooks jumped at the opportunity for such massive entitlement cuts for the little tax increases that Obama was trying to impose for the financing of infrastructure. Obama thought that he had given the Republicans a deal that would allow them to appear as heroes, and that sensible Republicans would impose on the junior TeaBaggers to go along. He really did believe that it was the best deal for the country because the best thing for the country is to keep the intl bond markets in love with US debt. The fact of the matter is that the Rubin Wall Street plan is better than the designs of the Tea Bagger coalition of the Koch brothers, forty million Joe the Plumbers and another twenty million senile racists.
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