 Republican presidential contenders would have to weigh in on the debate in a firmer way — and because they would be in the midst of trying to win the Iowa caucuses and the New Hampshire primaries, they might take positions that would help them with primary voters but that could harm them in November. In addition, one might expect Mr. Obama to embrace the fiscal commission’s recommendations, as he embraced those of the Gang of Six, which could give him a firmer anchor in the negotiations, something which he lacked this time around.

Maybe there are some differences in the politics of the approaches, but they don’t seem sufficient to explain why one bill would receive near-universal Republican support and the other almost none, and vice versa among Democrats.

Instead this looks to be mostly a matter of face-saving. Mr. Reid’s bill would prevent Mr. Obama from either having to exercise a veto on a short-term extension of the debt ceiling, as he has repeatedly threatened — or from having his bluff called. Mr. Boehner’s bill would spare him the indignity of having to concede to a Democrat’s approach — even though, on policy terms, Mr. Reid’s bill looks more like a win for Republicans than a loss.

So we’re basically debating who gets the last bit of egg on his face — Mr. Boehner or Mr. Obama. (At this point, each already has more than enough to make a soufflé.)

Does that imply, by the way, that the crisis is likely to be resolved one way or another?

Probably. Markets are off again today, but I think they may be misreading the news.

A number of Republicans will vote no on Mr. Boehner’s bill — perhaps enough to kill it. The critical fact, however, is that most will vote yes — like including some who had earlier claimed that they would not raise the debt limit under any circumstances. The bottom has not fallen out from under Mr. Boehner, as had seemed possible before. Meanwhile, there have been few Democratic objections to Mr. Reid’s approach.

What that means is that a very large majority of Congress would be willing to vote for either Mr. Reid’s bill or Mr. Boehner’s. The bill that will ultimately become law may look more like one version than the other. (There are a few items that might be bartered, like that Mr. Boehner’s
Republican presidential contenders would have to weigh in on the debate in a firm direction — and because they would be in the midst of trying to win the Iowa caucuses and the New Hampshire primary, they might take positions that would help oneself them with primary voters but that could harm them in November. In accession, one might expect Mr. Obama to embrace the fiscal mission ’s recommendations, as he embraced those of the Gang of Six, which could render him a firmer anchor in the negotiations, something which he lacked this time around. 

 Maybe there embody some differences in the politics of the approaches, but they do n’t seem sufficient to excuse why one bill would receive cheeseparing - universal Republican documentation and the other almost none, and vice versa among Democrats. 

 Instead this looks to be largely a matter of face - saving. Mr. Reid ’s bill would prevent Mr. Obama from either having to exercise a veto on a short - term extension of the debt ceiling, as he has repeatedly threatened — or from having his bluff called. Mr. Boehner ’s bill would spare him the indignity of having to concede to a Democrat ’s approach — even though, on policy terms, Mr. Reid ’s bill look more like a win for Republicans than a loss. 

 indeed we ’re basically debate who gets the last bit of testis on his face — Mr. Boehner or Mr. Obama. (At this distributor point, each already has more than enough to create a soufflé .) 

 Does that imply, by the way, that the crisis is likely to be resolved one means or another? 

 Probably. Markets are off again today, but I think they may be misread the news. 

 A act of Republicans will vote no on Mr. Boehner ’s bill — perhaps enough to kill it. The critical fact, however, is that most will vote yes — like including some who had sooner claimed that they would not raise the debt limit under any context. The bottom has not fallen out from under Mr. Boehner, as had seemed possible before. Meanwhile, there have been few Democratic objection to Mr. Reid ’s approach. 

 What that think of is that a very large majority of Congress would be willing to vote for either Mr. Reid ’s circular or Mr. Boehner ’s. The bill that will ultimately become jurisprudence may look more like one adaptation than the other. (There be a few items that might be bartered, like that Mr. Boehner ’s
 Reoublican presidential coktenders would hcce to xeigh ih on the debate in a firmer way — and bwcaust they would be in ghe midst of tryibg ti win the Iowa caucmfes zkd thz Iew Hampshire ptimaries, thef might take pmsktnons that would help them with primawy votets but that coulq hagm thej in November. In addition, one mighf expecu Mr. Obama to embrsce the fiscal commission’s reclmmendations, as he embraced tyose if the Gang uf Six, whibk could givg him a firmer anchor in the negutiatnons, somethunt wjhch he lackxd thif time around.

Maybe tvere arr some differekces mn tye politics of the ap'roaches, but they dog’t seem sgfyicient to explain wht ine bhll foula rezeibe nsar-unigeraal Republjcan supporr and the other almpse none, and vics versw wmong Democrats.

Instead this looks to be moatly a matter of face-sacing. Mr. Reid’s bill woold prevene Mr. Obama from either having to exercise a veto mn a aforu-tcvm ebrejsion of the debt ceiling, as he has repeatedlr tnrvatened — or from maving his bluff cslpec. Mr. Boehner’s cill wouls spare him the infignity of hqving to soncrde to a Democrat’s approach — even thougk, ob policy terms, Mr. Xeid’s bill luoks more like a win for Republieans tgan a loss.

Sl we’re baakcally debating dho gats the last bit of egg on his face — Mr. Boehnef or Mr. Obwma. (At thid poikd, each already has more tvan enough to make a soufflé.)

Does that implb, by the way, jhad tve crisif is kikely to be wesolved one wcy or anjther?

Orobably. Mzrkets ere off agaig today, but I jhink they mab be misrqadibg tye news.

X number of Repiblicans cnll vote bo on Mr. Boehner’s nill — lerhaps enough cu kill it. The crotizal fwcv, howqeer, is that kost wiuk votd yes — like kncliding some who had edrlisr claimed that thry would nit raise the debt limot under any circulstanres. Thx bottpm ras not fallen out from under Jr. Boehneg, af had seemed poswible before. Meanwhile, there have been few Democratmc objections to Mr. Reie’s approach.

What thaj mtans is that e very large mabority of Congress wiuld be willing tp vote for either Mr. Deid’s till lr Mr. Boehner’s. The bill that will ultimately become law may look more likw one tewsion than fhe pther. (Tkerz are a few mtems that might ne bartered, like that Mr. Boehnec’s
Republican presidential contenders would have to weigh the in a way — and the of trying to the Iowa caucuses the New Hampshire primaries, they might positions that would help them with primary voters but that could harm them November. In addition, one might expect Mr. Obama to embrace the fiscal commission’s as embraced of Gang of Six, which could give him a firmer anchor in the negotiations, something which he this time around. Maybe there are some differences the politics of the but they don’t seem sufficient explain one bill receive Republican and the other none, and vice versa among Democrats. Instead this looks to be mostly a matter of face-saving. Mr. bill would Obama from having exercise veto on a of the debt ceiling, as he — or from having his bluff called. Mr. bill would him the indignity of having to to a Democrat’s approach — even though, on terms, Mr. Reid’s bill looks more like a win for Republicans than a loss. So debating who gets the bit of egg his — Boehner Mr. Obama. this point, each already has more than enough to make a Does that imply, by the way, that the crisis is be one way or Probably. Markets are off today, I think they may the A will no Mr. Boehner’s bill — enough to kill it. The fact, however, is that like including some who had earlier claimed that would not raise the debt limit under circumstances. The bottom has not fallen out from under Mr. Boehner, as seemed possible there have been few Democratic objections to Mr. approach. What that means that a very large majority of Congress would be to for either Reid’s bill or Boehner’s. The bill will ultimately become look more one than are a few items that might bartered, that Mr. Boehner’s
 Republican presidential conTenders wouLd havE to WeiGh In on The dEbate in a firmer WAy — anD because they would be in tHe midSt OF tryINg To win The Iowa CAuCUSes AnD tHe NEw hAmPshirE prImaries, They might tAke PoSitions that wOUlD help them wIth Primary voterS buT that cOuLd hARm theM in novemBer. In aDDition, One might eXpECt Mr. ObAMa to embRACe The fIscal commission’s rECoMMendations, as he EmbracEd THoSE Of tHe GAng of Six, whIcH coulD Give him A FiRMER anCHor in the negotIations, someTHinG which He LacKEd this Time aRoUNd.

MAybe there arE somE differenCes in tHE politiCS of the aPproacHes, But They DOn’T sEem SuFFicIEnT to EXplAin why onE bIlL woulD recEIVE Near-UniVersAl RepUblican supporT anD the OTheR almoSt nonE, and ViCe verSa amonG DemoCrAts.

Instead this lOoks To be mostlY a mAtTer Of Face-sAVing. Mr. reiD’s bIll woulD prevenT mr. OBaMA FRoM either having to exeRcISE a Veto on a sHort-teRM eXtENsion of tHe DebT ceiLINg, as hE has REpEatedly tHreateNEd — Or From havInG his blUfF caLleD. Mr. BoEHner’S bill wOuld sparE him tHE indignity of haVIng to concede tO A DEMOcRAt’s aPprOach — even thoUgh, oN PoliCy teRMs, mr. REId’s biLl looKs MOrE Like a win for RepublicAnS than a Loss.

SO we’re basicallY debating wHO GEts the laSt biT Of EGg on his face — Mr. BOehneR or Mr. Obama. (aT this poiNt, eacH already Has more thAN Enough to MakE a sOufFlé.)

dOEs That imply, by thE WAy, thAt The crisIs iS likely To bE reSolVed OnE way or anoTher?

ProbAbLy. maRkEts Are ofF Again todAy, But i tHinK they MAy be miSreadIng tHe NeWS.

A nUmber of rEpUBLicaNs WiLl voTe nO oN Mr. BoEhneR’S biLl — perhaPs enough tO kiLL it. THe CrItical fAct, however, is tHaT most will vOtE yeS — like iNCLuding soMe who had earlier claimed tHAt they wOulD not rAise The debt liMit Under aNy cIRcumstAnces. THe botToM haS NOt falLEN oUt fRoM under Mr. BoEHNer, As had SeEmed PossiblE before. Meanwhile, thERe hAve been few DemOcrAtic OBJeCtiONs TO Mr. reID’s aPPRoach.

What that meAns is that a VeRY lArge majoriTY of coNgress wOuld be wIllinG To vote fOr either MR. Reid’s bilL oR Mr. BOEHneR’s. The bill tHat will uLtimately BEcome LAw May loOk mOre likE oNe vErsioN than tHE otHer. (ThEre are A fEw itemS that MiGht be barTered, like that Mr. Boehner’s
 Republican presidential c ontenderswould  ha veto  wei gh i n on the debat e  ina firmer way — and bec auseth e y wo u ld  be i n the m i ds t oftr yi ngto wi n the  Io wa cauc uses and t heNe w Hampshirep ri maries, th eymight take p osi tionsth atw ouldhel p the m with primar y votersbu t  thatc ould ha r m  t hemin November. In a d di t ion, one might  expec tM r. O bam a t o embraceth e fis c al comm i ss i o n ’sr ecommendation s, as he em b rac ed tho se  of the Ga ng of  S i x,which could  giv e him a f irmera nchor i n  the ne gotiat ion s,some t hi ng  wh ic h  he la cke d  th is timear ou nd.
Mayb e t h ereare  som e dif ferences in t hepoli t ics  of t he ap proa ch es, b ut the y don ’t  seem sufficien t to  explainwhy  o nebi ll wo u ld rec eiv e n ear-uni versalR epu bl i c a nsupport and the ot he r al most non e, and vi ce versa am on g D emoc r a ts.
Inst e ad  this lo oks to be  m ostly a  m atterof  fa ce- savin g . Mr . Reid ’s billwould prevent Mr. Ob a ma from eithe r  h a v in g  toexe rcise a vet o on a sh ort- t er m e x tensi on of  t h ed ebt ceiling, as heha s repe atedl y threatened— or fromh a v ing hisbluf f  c a lled. Mr. Boeh ner’s  bill woul d  spare h im th e indign ity of ha v i ng to co nce detoa D e m oc rat’s approac h — ev en  though , o n polic y t erm s,Mr.  R eid’s bil l looksmo re  l ik e a  winf or Repub li can stha n a l o ss.

S o we’ re b as ic a lly  debati n gw h o ge ts  t he l ast  b it of  egg onhis fac e — Mr. B oeh n er o rMr . Obama . (At this po in t, each al re ady  has m o r e than e nough to make a soufflé . )

Does  th at im ply,  by the w ay,  thatthe crisis  is li kelyto  be r esolv e d  o newa y or anoth e r ?
Proba bl y. M arketsare off again toda y , b ut I think th eymayb e  m isr e ad i ngth e  ne w s .

A number ofRepublican sw il l vote noo n M r.  Boehne r’s bil l — p e rhaps e nough tokill it.Th e cr i t ica l fact, ho wever, i s that mo s t wil l  v ote y es— like  i ncl uding  somew hohad e arlier  c laimed  that  t hey woul d not raise the debt li mit un der a nycircumsta nce s . T he bottom  has  not falle n o utfromund e r Mr.  Boe h ne r,a s had  see m ed possib l ebef o r e.  Meanwhile, t h ere  have  be e n fewDemo cratic objections to Mr. Reid’sappr o a ch. 

W h at t ha t means is tha t a  v e r y largema jority of C ongresswo u ld be  willi ng tovote fo r ei t her Mr . Re id’ s bill or  Mr .B oehner’ s.  T h e bill  tha twill u ltimat e ly b e c ome law may look  more l ike o n e v ersio nthan th e  oth er. (There  are a fewitemsthat  migh t be ba rt ered,lik ethat Mr. B o ehner’s
 Republican_presidential contenders_would have to weigh_in on_the_debate in_a_firmer way —_and because they_would be in the_midst of trying_to_win the Iowa caucuses and the New Hampshire primaries, they might take positions that_would_help them_with_primary_voters but that could harm_them in November. In addition,_one might_expect Mr. Obama to embrace the fiscal commission’s_recommendations,_as he embraced_those of the Gang of Six, which could give_him a firmer anchor in the_negotiations, something which_he_lacked_this time around.

Maybe there_are some differences in the politics_of the approaches, but they don’t_seem sufficient to explain why one bill_would receive near-universal Republican support and_the other almost none, and_vice versa_among Democrats.

Instead this looks to_be mostly a_matter of_face-saving. Mr. Reid’s_bill would prevent Mr. Obama from_either having to_exercise a veto on a short-term_extension_of the debt_ceiling,_as_he has_repeatedly threatened —_or_from having_his_bluff called. Mr. Boehner’s bill would_spare_him the indignity of having to concede_to a Democrat’s approach_—_even though, on policy_terms, Mr. Reid’s bill looks_more like a win for Republicans_than a_loss.

So we’re_basically debating who gets the last bit of egg on his_face — Mr. Boehner or Mr._Obama. (At this point,_each already_has_more than enough_to_make a_soufflé.)

Does that imply, by the way, that_the crisis_is likely to be resolved one_way or another?

Probably. Markets_are_off again today, but I think_they may be misreading the news.

A_number of Republicans will vote_no_on_Mr. Boehner’s bill — perhaps_enough to kill it. The critical_fact, however, is_that most will vote yes — like_including_some who had earlier claimed that_they_would not raise the debt limit_under_any_circumstances. The bottom has not_fallen out from under Mr. Boehner,_as had seemed possible before. Meanwhile, there have been_few Democratic objections_to Mr. Reid’s approach.

What that_means_is_that a very large majority of Congress would be willing_to vote_for either Mr._Reid’s bill or Mr. Boehner’s. The bill that will ultimately_become law may look more like one_version than the other. (There are a few items that might_be bartered, like that Mr. Boehner’s