He has said that there will be no increase in the debt ceiling if there are no spending cuts. There will be no increase in taxes without spending cuts.
Obama says he will not accept spending cuts.
This is the showdown at the Not OK Corral.
Who will blink? Who will back down?
If neither of them backs down, then the question moves to the Republican members of the House. Will they line up with Boehner? Will they vote not to raise the debt ceiling?
The officially reported debt has flat-lined ever since mid-May. The Treasury Department is playing actuarial games. But the Secretary of the Treasury says that in mid-October, the games must stop. The debt ceiling will be reached.
Will the government shut down? No. Whose budgets will be cut by forced reductions in spending? We will see.
The stock market gives no hint of investors’ fears of a shutdown.
So, the verbal shoot-out will be fun to watch. President Sequester will do battle with Congressman TARP.