Serious people tend not to read New York Magazine, so I imagine most of my readers haven’t seen Jonathan Chait’s excellent commentary on the current political impasse.  As a service, then, I’m passing on relevant excerpts.  Like Sullivan’s last week, this piece is so on the mark that I see no need for me to add anything:

The debt ceiling turns out to be unexploded ordnance lying around the American form of government. Only custom or moral compunction stops the opposition party from using it to nullify the president’s powers, or, for that matter, the president from using it to nullify Congress’s. (Obama could, theoretically, threaten to veto a debt ceiling hike unless Congress attaches it to the creation of single-payer health insurance.) To weaponize the debt ceiling, you must be willing to inflict harm on millions of innocent people. It is a shockingly powerful self-destruct button built into our very system of government, but only useful for the most ideologically hardened or borderline sociopathic. But it turns out to be the perfect tool for the contemporary GOP: a party large enough to control a chamber of Congress yet too small to win the presidency, and infused with a dangerous, millenarian combination of overheated Randian paranoia and fully justified fear of adverse demographic trends….

The standoff embroiling Washington represents far more than the specifics of the demands on the table, or even the prospect of economic calamity. It is an incipient constitutional crisis. Obama foolishly set the precedent in 2011 that he would let Congress jack him up for a debt-ceiling hike. He now has to crush the practice completely, lest it become ritualized. Obama not only must refuse to trade concessions for a debt-ceiling hike; he has to make it clear that he will endure default before he submits to ransom. To pay a ransom now, even a tiny one, would ensure an endless succession of debt-ceiling ransoms until, eventually, the two sides fail to agree on the correct size of the ransom and default follows.

This is a domestic Cuban Missile Crisis. A single blunder could have unalterable consequences: If Obama buckles his no-ransom stance, the debt-ceiling-hostage genie will be out of the bottle….

In our Founders’ defense, it’s hard to design any political system strong enough to withstand a party as ideologically radical and epistemically closed as the contemporary GOP. (Its proximate casus belli—forestalling the onset of universal health insurance—is alien to every other major conservative party in the industrialized world.) The tea-party insurgents turn out to be right that the Obama era has seen a fundamental challenge to the constitutional order of American government. They were wrong about who was waging it.