To prevent a default at the eleventh hour Obama may have relinquished the last arrow in his political quiver by agreeing to deep cuts in government spending which some economists believe might jeopardise this fragile recovery.
By re-engaging this bipartisan committee, Obama will outwit the Tea Party. He will acknowledge now and for future generations that the Dollar is not invincible. The USA needs to take its foot off the hydraulic pump of debt.
Observers of the American economic crisis might characterize Republicans' refusal to raise the nation's debt ceiling as mere brinkmanship orchestrated to undermine President Barack Obama's leadership.
Given the imminent deadline of August 2, it is unlikely that the "Grand Bargain" that is so important to America's long term economic stability will be found, at least immediately.
Those who look in on the website of the so-called Taxpayers' Alliance (TPA), the grassroots equivalent of the Peoples' Front of Judaea, may have noticed that the output of knocking copy aimed at Government - any Government - has fallen recently, although there are still regular attempts to pretend knowledge of jobs merely from job titles, and lectures on economics.