What had been a routine matter — raising the federal government’s debt limit to make payments on money already owed — has been turned into a high stakes political showdown, and I think that’s good. But the thing is, the outcome of the polarized negotiations is not in doubt. It’s an absolute certainty that the debt limit will be raised before, or in, the eleventh hour, then Congress will take August off and Obama will go to Martha’s Vineyard. The only question is how much the Republicans will be forced to step back from their position. To get perspective on how we got to where we are, watch this Frontline documentary from early in Obama’s Presidency.
Watch the full episode. See more FRONTLINE.