Matt Yglesias has an interesting article on why the Republicans will likely oppose Harry Reid's plan for raising the debt ceiling. He points out that even though this proposal meets the two stated objectives of the Republicans, namely cuts equal to the the rise in the debt ceiling and no new taxes, it doesn't meet their two hidden objectives: starting to dismantle Medicare and extension of the Bush tax cuts.
To these Republican aims I would add two more. The first is keeping Obama a one-term President. This is not really a tacit aim since it was stated many months ago by McConnell. (I don't have the reference handy but I cited it in a previous blog). The second, related to the first, is to make sure that the economy doesn't improve in any way that might benefit Democrats in the 2012 elections.
Finally, I'd like to repeat once again that the country's largest corporations (and wealthiest individuals) are flush with cash. Taxes are not an issue in revitalizing the economy; what is an issue is that ordinary people don't have a lot of cash or security, and so are reluctant to spend for anything beyond the necessities.
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