I'm somehow missing the radiant warmth supposedly emanating from Republicans' fiery cave(-in).
Krugman, for example, is gleeful about his miscalculation:
I thought that by ruling out any way to bypass the debt limit, the White House was setting itself up, at least potentially, for an ignominious cave-in. But it appears that the strategy has worked, and it’s the Republicans giving up. I’m happy to concede that the president and team called this one right.
Krugman was wrong in his calling for some gimmicky settlement of a debt-ceiling crisis (such as a $1t coin), and he is probably just as wrong in largely assuming that the crisis has passed.
And Chait, who generally has better political judgment, issues a curious ruling:
The whole key to making Obama’s extortion-squelching plan, and saving American government from endless cycles of hostage drama that would eventually end in a default, was to credibly insist that he would not trade anything for a debt ceiling hike.
... such as endless cycles of hostage drama. The WH itself, just a few days ago, asserted that "a monthly extension is drama" and we're "not a third-tier economy that goes month to month or every half year and casting doubt on whether or not we’re going to meet our obligations." So going every half year is unacceptable, but going half of every half year is victory?
What transpired yesterday was essentially the Krauthammer/Norquist Solution. The former:
The more prudent course would be to find some offer that cannot be refused, a short-term trade-off utterly unassailable and straightforward. For example, offer to extend the debt ceiling through, say, May 1, in exchange for the Senate delivering a budget by that date....
Not much. But it would ... keep the debt ceiling alive as an ongoing pressure point for future incremental demands.
Republicans ...can give [Obama] debt ceiling increases once a month. They can have him on a rather short leash, you know, here’s your allowance, come back next month.
In short, Krauthammer and Norquist are betting that House Republicans are as crazy as House Republicans have routinely appeared to be, and the left is betting that House Republicans have almost miraculously regained their sanity.
I don't believe in miracles.