If we miss the August 2 deadline, and the dollar starts wobbling and the bond-market goes haywire, that might finally put some salutary pressure on the Republicans to meet the Democrats more than halfway. They control just one house. The Democrats have the Senate and the White House. They should start acting like it.
Alternatively, if Obama “succeeds” this weekend in brokering an austerity deal, the Democrats, American progressivism and the economy will all be the losers.