Why did Obama cave in the debt ceiling fight?

After weeks of threats, rumors, uproar and what passes for wisdom in Washington a debt ceiling deal seems to be on the horizon. This is a victory for the GOP and for America, though some may quibble that that the GOP gave away too much in the deal. But what is important to keep in mind that Barack Obama and his agenda suffered a setback. After challenging Eric Cantor not to call his bluff regarding Obama's plan to raise taxes, after "going to the people" and twittering them to pressure their congressmen to accept the need to raise taxes, Barack Obama has been dealt a humiliating setback: he has to eat crow as the deal has no provision providing for increased taxes (or "revenue" as Obama characterizes our money). The emperor had no clothes; he could be challenged and beaten; and he is a lousy poker player. What led to Obama's about face and craven collapse? What does he care about most in the world? Himself. And what did he see this week that punctured his ego and cut through the...(Read Full Post)