Perhaps sensing Republican weakness, President Obama reversed himself and is pushing back against short-term debt ceiling hike, stressing in his weekly address released this morning what a bad idea it would be.
It wouldn’t be wise, as some suggest, to just kick the debt ceiling can down the road for a couple months, and flirt with a first-ever intentional default right in the middle of the holiday shopping season.
After the GOP was offered earlier this week what I described as a cave-in by Obama – a willingness to accept a short term debt ceiling increase while negotiations Obama has previously rejected kicked in – Republicans failed to act, dithering for days and failing to forge a unified position between their House and Senate caucuses.
Instead, sloppy Republican leadership allowed competing proposals to emerge from the House and Senate, with a Senate plan that would extend government financing for six months and raise the debt ceiling through January 2014. House Republicans sought to raise the debt limit until the week before Thanksgiving.
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