Sunday, July 24, 2011

Debt limit negotiations

Boehner's talks with Reid are the latest round of efforts to end up collapsing over insurmountable roadblocks. But by making such a big show of quitting the negotiating table, the two party's camps are upping in the ante in a classic game of brinksmanship over who will take the blame for default. It's no accident that both have followed this same pattern throughout because it's scripted.

In fact, Reid reportedly didn't back out of the talks until after being summoned to the White House, where the Senate Majority Leader presumably conferred with Obama and decided to amplify the White House's narrative that Republicans are being intransigent.

And what will happen when markets reopen to the increasingly jittery investors tomorrow? The Republicans may see their resolve tested when the consequences become tangible

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