In a short post, Paul Krugman gets it just right.

First he details the fat-cat benefits the debt-ceiling discussions are stalled on — for example, business’s ability to undervalue inventory to lower taxes, the hedge fund loophole that hands them a 15% nominal tax rate (before deductions and other loopholes kick in), tax treatment of private jets, and so on.

Then he says:

Think about it. There’s a significant chance that failing to raise the debt limit could provoke a renewed financial crisis — and Republicans would rather take that chance than allow a reduction in tax breaks on corporate jets. What this says to me is that Obama cannot, must not, concede here. If he does … he’s setting himself up for endless blackmail. A line … should have been drawn last fall; but to concede now would effectively mean the end of the presidency.

I assume he means Obama’s presidency (I would concur). Because the presidency is always safe in Republican hands. When they have the power, they actually use it.

Update: Joan McCarter says there are “already cuts to Medicare on the table“. Cripes.

GP