Paul Krugman: The President Surrenders:
He surrendered last December, extending all the Bush tax cuts; he surrendered in the spring when they threatened to shut down the government; and he has now surrendered on a grand scale to raw extortion over the debt ceiling. Maybe it’s just me, but I see a pattern here. ..
[H]e could and should have demanded an increase in the debt ceiling back in December. When asked why he didn’t, he replied that he was sure that Republicans would act responsibly. Great call. . .
And the damage isn’t over: there will be more choke points where Republicans can threaten to create a crisis unless the president surrenders, and they can now act with the confident expectation that he will.
The deal itself...is a disaster, and not just for President Obama and his party. It will damage an already depressed economy...The worst thing you can do in these circumstances is slash government spending, since that will depress the economy even further.
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