So at what point will the President/Democratic party decide is the time to take steps to reduce the deficit rather than raise the debt limit year after year? $20 trillion, $24 trillion? You do realize with every debt limit increase it does more to hurt the US's economic recovery rather than improve it.
That's false that each increase in debt is more harmful than not, but that's a different argument.
If the Republicans would like to reduce the deficit and the debt they should enact policies that do that. If enough voters want that they will be elected to do so. If you cannot pass a bill through the normal legislative process however it is not acceptable to threaten a global financial meltdown to get your way. No rational person would want legislation to be made like that. As I asked earlier, would you be ok with the Democrats demanding ingle payer health care as a condition for not taking the global economy? I would hope not.
As a point of governance you do not want to have yearly near misses with global financial catastrophes. I don't care what policies they are advocating, this is fundamental bad governance. As a duty to future presidents and future legislators Obama has no choice but to break their backs on this now. It would be irresponsible of him to allow the Republicans to continue.