Call the Republican's bluff
Asked if it's tax money the Fed is spending, Bernanke said, "It's not tax money. The banks have accounts with the Fed, much the same way that you have an account in a commercial bank. So, to lend to a bank, we simply use the computer to mark up the size of the account that they have with the Fed. It's much more akin to printing money than it is to borrowing."
"You've been printing money?" Pelley asked.
"Well, effectively," Bernanke said.
This quote captures it all, which is why Warren Mosler used it in his book.
Actually this is what happened under Clinton, the Republicans initially refused to raise the debt limit, and Clinton went on spending.
Who benefits from federal borrowing? Banksters. If their bluff were called they would call back their Republican dogs in a New York minute.
The only reason Obama would give in is because he wants to.