The manufactured crisis of the debt ceiling theater is coming to a close, though the damage will last a long time. Even if the US averted default on its obligations, its credibility has taken a hit. Progressives think that Obama was diminished by this process, and his popularity is also decreasing. Even though the majority of Americans like him, and are more in favor of his proposals than those of the GOP, he's considered a weak leader. Remember, the country has shown that it prefers a strong, effective leader even if he's wrong, to a weak leader even if he's right on the issues!
Maybe Obama is gambling on the possibility the Republicans will nominate someone worse to run against him next year. The economy won't be much better before the next election, because this president failed to take action and the GOP has done everything it could to damage it.
Read Paul Krugman's "The President Surrenders" editorial.
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