Obviously, expiration of the Bush tax cuts is one thing left on the table that makes the current debt limit acceptable, even if just barely.
My questions concern the next two annual budgets and the future debt limit. It seems to me that Republicans will be able to take hostages again on any of these events. I suppose it is possible that the FY12 budget might be off the table given the Super Committee. But the threat of a government shutdown on either budget is certainly another hostage.
The Republicans would look like assholes threatening shutdown after what we just went through but they seem willing to do anything to cripple Obama, increase distrust of government, and improve their electoral prospects.
But what about the debt limit. Seems like we have to increase it again on 1/1/13 right as the Bush tax cuts expire. Or maybe by letting them expire the limit won't be reached? This is my question. What is the interplay between the next debt limit extension, if there has to be one, and the Bush tax cuts.
By the way, if I am Obama and I get re-elected and the choice is between extending ALL the Bush tax cuts and expiration of ALL the Bush tax cuts, I let them all expire. That sucks for non-upper income but it solves our budget issues and he doesn't have to face the voters again. Instead he leaves with surpluses is sight if not already reality.