Cutting the nose to spite the face!

I am losing hope that the U.S. Congress will come up with a plan to increase its debt ceiling by August 2. Looks like a sizable minority in the Republican Party (know as Tea Partiers) are determined to stop any compromise which would allow it to happen. They just do not want to listen to any rational argument about the impact of a default and its ramifications to the economy of USA and the rest of the world. They have effectively tied down the hands of the Speaker John Boehner to come up with a compromise to avert this disaster. The only way out now is for the Democrats and President Obama to cave in, and accept a short term extension of the debt ceiling. That will allow Republicans to create another debt ceiling crisis in six months, in time for the Presidential elections in 2012. The economy will be in the tank by then as the interest rates will go up (US bonds will be downgraded if the solution is short term). This will assure that President Obama will not be reelected which is the ultimate goal anyway. Welfare of the American people be damned!