That's a big blow to the MINT THE COIN crowd.
Being a member of that club, Paul Krugman comes a bit unglued and wants to know So What Will You Do, Mr. President?
Please remind me that if I ever get a chance to play poker with Krugman - I should take advantage of the opportunity.
What would it do to President Obama's leverage if he were to broadcast a plan to minimize the damage of Republican hostage-taking ahead of time? Seems to me that would be the same thing as showing your opponent your cards before they place a bet. Not gonna happen.
"This now puts all the pressure back where we believe it belongs: on the Republicans," a senior administration official told the Huffington Post. "There are no magic coins. There is no way to get out of this. We feel fine about the politics of it. We think we are in a stronger position if Republicans realize there is no out."