WaPo's Jennifer Rubin reports what John Boehner and Eric Cantor said to their caucus yesterday about the dissolution of talks on a debt-ceiling deal. We take two points away.
One is that there will be something passed in time to avoid the train wreck, though a slip in the bond rating is probably inevitable anyway.
The other is that the problem is 2012, and it's more a problem for the Ds than the Rs. Ds know that they were decimated in 2010 and face the same in 2012 without a game changer. Getting hung with a fresh "tax-and-spend" label would make matters worse, but pulling Bill Clinton's trick of blaming the Rs for a government-shutdown-type experience could be just enough to get BHO a term to follow his warmup.
Meanwhile, you've got to listen awfully, awfully closely to hear that spending at 24% of GDP is fundamentally higher under Obama than ever before in the post-WWII era, that no matter what we do with tax rates, we've never managed to collect much more than about 20% of GDP in taxes, and so the problem is not that Richie Rich pays too little but that we all, through the patrons we elect every two years, spend too much.