Operation Rolling Tantrum
Oh, boy. This isnt going to end, even when or if a deal is reached on defusing the austerity bomb; John Boehner has just declared that hes going to hold the full faith and credit of the United States hostage every time we hit the debt limit. Nor will it be a case of holding the nation at gunpoint until it meets GOP demands; Republicans are signaling that they dont intend to make any specific proposals, theyre just going to yell and stamp their feet until Obama soothes them somehow.
So this is going to be nightmarish, unless Obama surrenders which I dont think he will (because he shouldnt).
And one thing to think about: if the next two years are, as they seem likely to be, one long Republican tantrum, the 2014 election is not going to be a normal midterm. It will instead be a referendum on GOP obstructionism, which may attract a lot more attention and much higher turnout than normal.
http://krugman.blogs.nytimes.com/2012/12/02/operation-rolling-tantrum/
Krugman's 2014 elections predictions...I do believe he is on the money.