Talking Points Memo has the story Obama Blasts GOP ‘Extortion’ And Threat Of ‘Apocalypse’ Over Debt Limit.

Obama is determined not to repeat the mistake he made by letting Republicans use the debt ceiling as a bargaining chip. He likened the GOP’s position to a hypothetical Democratic Congress demanding that a Republican president agree to tax hikes in exchange for lifting the borrowing limit. Earlier this year, when the debt limit deadline was coming up, Obama refused to negotiate, and as a result, Republicans caved and raised it.

The point is that refusing to negotiate with the House Republicans is the correct strategy.  It worked before, and it will work again.  If the Republicans were to carry out their threat, the impact would be that enough voters would vote to turn the House back to a Democratic majority.  Its a heads Obama wins, tails the Republicans lose situation.