In a 16-minute speech from the White House's East Room, Obama placed the blame for this failure on "a significant number of Republicans" who demand a "cuts only approach." He condemned the "partisan three-ring circus in Washington."
Obama and Boehner, behind closed doors, appeared to have had a "Grand Bargain" with $4 trillion in spending cuts and "revenue increases," i.e tax hikes, over 10 years. That fell apart because, after agreeing to $800 billion in increased revenue, Obama wanted another $400 billion. Then, after going back on a deal that would already be a hard sell to sixty or so Tea Parfty House Republicans, Obama goes on national television and announces, "I’m the only mature person in Washington.”
Talk about snatching defeat from the jaws of victory.
Now, Congressional Democrats and Republicans have competing plans that call for no revenue increases at all. As Ezra Klein comments, Republicans have already won.
The far left, of course, is demanding that Boehner be tried for treason. And birther Donald Trump wants Congress to reject any new debt ceiling, just to insure Obama's defeat at the polls.
Despite the usual incendiary rants, it seems likely that House Republicans will cut a deal with Senate Majority Leader Harry Reid, who has vulnerable Senators to protect and knows how to count.
Obama preached about the importance of compromise. Perhaps he should practice what he preaches.