So, the president said, if we give $1.2 trillion now in spending cuts the amount in the House bill to get the first increase in the debt ceiling for about six to nine months what happens next time? The Republicans would then come back next year, in the middle of the presidential campaign, and impose more conditions on the next debt ceiling increase. He could not give the Republicans that kind of leverage, that kind of weapon. It was hostage taking. It was blackmail. This will forever change the relationship between the presidency and the Congress.
Imagine if, when Nancy Pelosi had become speaker, she had said to George W. Bush, End the Iraq war, or Im going to cause a global financial crisis.
So, Obama said, they had to break the Republicans on this. Otherwise, they would be back whenever it suited them politically.