We are quite possible screwed. No … really. Unless Boehner sacrifices his leadership position among Republicans or Eric Cantor decides to be magnanimous and let him keep it, the possibility of a debt ceiling default is high. This will lead to an international fiscal crisis with the American Government basically not answering the phone when the bill collector calls. We’ve arrived at this moment because Democrats misjudged how serious the Republicans were in their mission to see Barack Obama leave office. Barack Obama and the Democrats had an opportunity to raise the debt ceiling when they still held a majority in the House but in their infinite political wisdom they decided to wait and let the Republicans share some of the blame. Now we have Jim Demint threatening every Republican who votes to raise the debt ceiling without deep cuts in America‘s social net accompanying the move and Cantor washing his hands of the affair putting Boehner in position to take a fall is he does the responsible thing. Wall Street is freaking out over the possibility but not even the bankers can coerce Republicans to face the true believers of the “No Tax Hikes, ever” doctrine. It’s morning in America and what the rest of the day looks like rests upon the leadership of Speaker Boehner.