[E]ven though Clinton enjoyed political and economic advantages that Obama does not, his no-compromises strategy had some clear advantages. Unlike Obama, he refused to let the threat of default set the national agenda. Because he would not enter into negotiations over the debt ceiling, the issue barely roused the public consciousness. On November 9, 1995, a senior administration official told the Washington Post, “Our position is it does not matter what they put on this legislation, we are not going to accept anything but clean bills because we will not be blackmailed over default. Get it? No extortion. No blackmail. What you hear are their screams of complaint as they realize we are not, not, not budging on this.”
To be sure, Clinton did tack to the center during this period. (In the middle of the debt ceiling battle, he gave the State of the Union speech in which he announced, “The era of big government is over.”) But “he made clear how far he would go and how far he would not go,” says Haas. Obama, in contrast, never “laid down any believable bottom line. He has not enunciated any marker that everyone knows that he is going to stick to. What you might think is compromise, is frankly capitulation.”
I stick to my view that the key mistake was last December, when the Bush tax cuts were extended without raising the debt ceiling.
Speaking for me only