August 3, 2011 at 7:11 PM EST - Updated June 24 at 11:04 PM
President Obama is trying to take as much credit as he can for the settlement over the debt ceiling but the fact is that he and Congressional Democrats are the big losers in this whole affair. And, they have only themselves to blame.
The Democratic controlled Congress could have voted to raise the debt ceiling last December, but decided to wait until this year so as to force newly-elected Republicans, many of them Tea-Partiers, to share in the blame.
But the tactic backfired, the Tea Party Republicans stood by their principles and wouldn't budge. In the end, the settlement will cut $2.1 trillion from the deficit, not nearly enough most experts agree but at least a start.
Republicans also prevailed on the issue of no new taxes. Now the president did get something he wanted and that was a debt ceiling limit that won't expire until after next year's election.
An election where voters will make the final decision on the fundamental issue in this whole debate and that is whether Americans want big government and higher taxes or less government and lower taxes.
Write and let me know what you think. I'm Bill Applegate.