Halperin's Take

The President knows that a short-term deal extending the debt ceiling would likely include all spending cuts but no new revenue — an outcome largely opposed by his party and which he objects to in principle. His main talking point leveraged his strongest card in the face-off with Republicans: mathematically there is no way to reach an amount that would be a legitimate grand bargain without new revenue. His short, straight-forward presentation, including his non-hysterical warning about the dangers of default (he took no questions) helps strengthen his hand for Thursday’s confab. And, perhaps, helps Boehner round up the needed votes from his conference that are essential if a deal of any kind is going to pass.