While Republicans hold out for their spending reductions, it’s important to remember what isn't at stake.
They are not taking the nation to the brink of defaulting on its debt, something that appeared possible in the summer of 2011 debt-ceiling battle. Nor are they threatening to shut down the government, something Republicans tested within months of securing their majority two years ago, unless Democrats relent on spending.
So instead of risking the potentially massive economic consequences of a debt default or the symbolic and practical disruption of a government shutdown, Republicans looked at the post-fiscal cliff landscape and decided to go to the wall for the one with the most guaranteed spending cuts and the least chance of making the party look like barbarians trying to tear down the gates of Congress.
