Endgame?

Thursday saw the S&P also threaten to downgrade the national credit rating, a poll showed that Republicans will be blamed for the consequences of not raising the debt ceiling, another poll affirmed again that a majority of Americans want a mixture of cuts and revenue increases, and an overwhelming majority want the rich to pay more; and several Senate GOPers essentially turned on the Eric Cant-led House GOPer freshmen who have inspired and forced this unforced crisis.

Also, in the words of the Boston Globe: "That deadline loomed ever larger yesterday, as China, the US government’s largest foreign creditor, called on US policy makers to take action to protect the interests of investors. Federal Reserve Board chairman Ben Bernanke warned that failure to raise the debt ceiling would amount to “a self-inflicted wound’’ that would cause “a very severe financial shock’’ to the global economy. And Treasury Secretary Timothy Geithner told lawmakers that they are running out of time".

After another White House session that didn't end in a deal, President Obama said 24 to 36 hours was his time limit.  That seems realistic in view of the imminent threat of a lower credit rating which would instantly result in higher interest rates.

By the dead of night in the capitol of the living dead, news of a "Plan B" rapidly becoming the Plan A deal in the making was being leaked to several journalists.  Here's one such report.   It's a modified version of the McConnell proposal plus some of the Biden group cuts, resulting in some sort of vote to raise the debt ceiling--possibly by the McConnell route of empowering the President to raise it all by himself--accompanied by some cuts ($1.5 trillion over ten years is the number leaked) and a deficit commission.  One version reported has no revenue increases, while another has a few, along with some short-term stimulus: unemployment insurance extensions and continuing a middle class tax cut.

President Obama scheduled a press conference for 11 a.m. eastern on Friday.

The key will be a proposal that gets enough Democrats and Republicans in the House to offset the 80 or so Rabid Right GOPer freshies who have vowed to vote against the debt limit increase no matter what deal is reached.

Maybe we can look forward to Washington pivoting (in Rachel Maddow's words) from this stupid fight to the real economic fight, for jobs.