Faced with an apparent debt ceiling impasse, and the Wall Street crash a default would precipitate, Senate Republican Minority Leader Mitch McConnell has proposed simply handing over the authority to President, thus placing the responsibility for increasing the national debt solely on the Democrats. Okay. That's the sort responsibility the governing party is supposed to have.

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Under the McConnell proposal, President Obama would be able to raise the debt ceiling by up to $2.4 trillion in three increments over the next year, as long as he specified offsetting spending cuts. Congress could only veto Obama's actions with a two-thirds majority, but the vote itself would force Democrats on the record in favor of raising the debt ceiling.

Tea Baggers are naturally outraged at McConnell's treachery, but as much as they fear their own insurgent right, the GOP establishment knows who really butters their toast. Wall Street. And what Wall Street wants, Wall Street gets. From both parties.

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