The common assumption in the media is that solving the debt ceiling question will be just a matter of Obama and the GOP coming to some kind of compromise over spending.
You already know the contours of the fight, so there’s no need rehashing them right now.
But law professor Stephen Bainbridge raises a possibility that it will be the Democrats who torpedo any deal, and create sovereign debt havoc.
Why? Well, just think about what happened in the tax deal. Obama reached out to the GOP, left the Democrats out, and then had to struggle to get them on board. If Obama has to touch Social Security or other popular programs in order to get the deal, watch out. The Democrats may not be eager to put the votes over the top.
For now, just a possibility to think about and wargame.
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