The next couple of news cycles will be dominated by the deficit commission report. The way Obama reacts to this will be one of the most consequential early signs of which path the administration wants to take going forward.
When the budget crisis fanatics say we have no money because government has a "structural deficit," it's just not true. We have a bigger deficit now because we let a bunch of Wall Street gamblers play fast and loose with the rules.
The plan was to force a perception of a debt emergency to stampede people into accepting a dismantling of government that works for We, the People, and provides for us, empowers us and protects us. We can't let them get away with it.