The markets are freaking out this morning over Boner’s failed “Plan B.” In an incredibly ill-conceived plan, Boner built up expectations for a bill for which he didn’t have the votes, then bullied and threatened Republicans in vain.
The best outcome now would be to go over the fiscal cliff. That would bring baby steps toward fiscal responsibility. The Republicans could then use the debt ceiling as leverage to get entitlement reform. Icing on the cake would be the Republicans throwing Boner out as speaker, which looks a lot more likely now that they’ve stood up to him once.
The more likely outcome, unfortunately, is that the MSM wing of the Democratic Party blames Republicans and hounds them mercilessly. In early January, cowardly Republicans then surrender, just as they have at every opportunity in the past. They undo most of the modest tax increases and spending cuts, and let Obama keep running trillion-dollar deficits. They probably surrender on the debt ceiling too.