I don't know all that much about the current debt limit,but it seems perhaps the GOP is heading for a fall.
http://www.chron.com/disp/story.mpl/ap/top/all/7652236.html
Quote:
"WASHINGTON — Failure to raise the U.S. debt limit would probably ensure President Barack Obama's re-election in 2012, Senate Republican leader Mitch McConnell warned fellow conservatives on Wednesday, fresh evidence of deep GOP political divisions on an issue of paramount importance to the nation and its economy."
Another Quote"
"WASHINGTON — The Senate Republican leader, Mitch McConnell of Kentucky, warned Wednesday that allowing a federal default could have disastrous political consequences for his party and "destroy" the Republican brand."