I put a short post on Wednesday that the Republicans ought to get a little something out of the debt limit rise. Keith Hennessey has an Op-Ed at the WSJ that lays out an even better strategy. The whole thing is worth a read, but the gist of goes like this:
1. Obama can have a choice of real spending cuts and he gets a long term debt limit rise. Alternatively, he can have a three month debt limit increase, if he doesn't want to get serious.
2. Republicans would only guarantee enough votes to allow the measure to pass, making Democrats responsible for raising the ceiling. To date, House Democrats have been shielded from this bit of unpleasantness.
Keeping the focus on the debt every three months will suck the air out of any other Obama agenda item. So will meaningful spending reductions. Both options are great. I doubt the GOP will be that smart.