Via David Frum:
Then, as Republicans discovered the power of their new tool, the president decided to assume they were bluffing, that they would never actually do anything so reckless. Waking up to the reality of the situation too late, he commenced bargaining by offering what he assumed would be an irresistible deal. Wrong again. The Republicans did resist. So Obama offered an even better deal—which predictably only whetted the GOP appetite for still more.
Obama never publicly branded the debt ceiling as “if the Republicans force this country into bankruptcy.” He issued no public call to constituencies like the financial industry to bring pressure to bear on the issue. He did not warn that he would manage any crisis in ways that Republicans would not like. (“If the Republicans in Congress deny me the authority to pay everybody, then I’m going to have to choose some priorities. I don’t think it’s likely that Texas-based defense contractors will find themselves at the top of my list.”)
Instead, he appealed again and again to Republicans’ spirit of responsibility.
Good luck with that.