Tonight, the Republican-controlled House passed a bill to increase the debt limit, which was summarily dismissed (tabled) by Sen. Reid in minutes.
Speaker Boehner's official response to Sen. Reid as caught by a video camera in a capitol hallway:
UDPATED with (somewhat) deeper thoughts:
1. Obama's hole card, the 14th amendment, does not permit him to exceed the debt limit unilaterally. See legal analysis here
2. The only way out of this mess is a constitutional amendment to balance the budget. No matter what they say now, Congress can always go back later and change the rules. Exhibit A: Gramm-Rudman which was touted as a "binding constraint imposed on federal spending." How'd that work out for ya? And check out Ronald Reagan's address on the national debt in 1985. Almost comical by today's standard of irresponsible spending.
3. If timing is an issue, increase the debt ceiling enough to get us by for another couple weeks. Keep their feet to the fire, but do not allow this to go on until after the election.