Crisis?

Regarding the current imbroglio in D.C., check out:
http://www.slate.com/id/2300429/
Apparently, things are not what they seem (are they ever?). The current war, sparked by the fringe "Teabaggers" in the House, isn't such a big deal. The government, under the Fourteenth Amendment, has the right - or obligation - to pay its bills, and it currently collects about $172 billion per month, more than enough to pay the $39 billion interest payments, so there's no immediate danger of default. More interesting, what will be the subsequent confrontation between Obama and the Repubs when he invokes this necessity be like? Will they attack and risk being painted obstructionist and pro-economic chaos? And what if Social Security checks stop going out? Shades of Newt Gringrinch and the repubs disastrous shut-down of the government in 1995-96.

Whatever the case, it remains to be seen what the long-term (read election 2012) effects will be. If harm is done the economy will the moderate majority remember how an extremist fringe in the repubs gained such control over a major party? Or will it just blow over?