Ross contemplates the fallout of a GOP-induced credit crisis for the US:
Note that it’s perfectly sensible for Republicans to negotiate over how the debt ceiling is to be raised — to haggle over the extension period and the combination of Democratic and Republican votes, for instance, and to look for a small-ball deal on spending to give cover to the legislators who cast those votes. But there simply isn’t a way for the G.O.P. to win anything big here, given the correlation of political forces in Washington D.C. and the country as a whole. And the fantasy of leveraging the debt ceiling to “force” the White House to dramatically cut entitlements, if actually pursued rather than just entertained, would quickly put the Republican Party on the path to losing the more modest leverage that it currently enjoys.