Krugman predicts Fiscal Catastrophe

"So now the de facto [Republican]strategy is to oppose any responsible action until we are in the midst of a fiscal catastrophe. You read it here first."

We, the voters, have only a limited fear budget allocated to bankruptcies, and that budget is being occupied by state bankruptcies at the moment. We will eventually except a much weakened federal budget in trade for stronger local budgets. Hence, by the time the bankruptcy rolls up to Congress, voters will have learned that local politics trumps federal entitlements.