“The key thing to remember â€” and what the GOP hopes you wonâ€™t understand â€” is that raising the debt ceiling only empowers the president to spend money that heâ€™s authorized to spend by Congressional legislation; nothing more. Conversely, a party that refuses to raise the debt limit is saying that itâ€™s prepared to inflict vast damage on America in order to achieve things that it couldnâ€™t achieve through actual legislation â€” in effect, that itâ€™s prepared to use vandalism to subvert the constitutional process.”
The Hostage Drama Begins, by Paul Krugman, NYT, December 30, 2012
Damn. Hey ho here we go.