Did Mitch McConnell Wave the White Flag?

Sen. Mitch McConnell, Image from Slaw
This whole debt ceiling thing is very difficult to follow. Part of the problem, is that all of the talk of trillions of dollars in spending cuts vs. "revenue enhancements" and all that bargaining between the two sides. . .has nothing to do with the debt ceiling. Raising the debt ceiling only ensures that we pay for the things we've already bought, and allows the government to continue operation. The haggling is in addition to the raising of the ceiling. The Republicans demanded spending cuts in exchange for raising the debt ceiling. The two things are otherwise unrelated.

But even when you have that part figured out, it's still confusing. Does President Obama really mean it when he puts Social Security (unrelated to the debt crisis) and Medicare "on the table?" What did it mean when Eric Cantor walked out on talks? Or when Boehner did the same? Or how about now, when Sen. Mitch McConnell seems to have given up, and let the President have what he wants? Even people in the Republican party seem to be unsure, with all sorts of opinions flying around. And the Prez is still talking about a huge spending cuts/revenue "deal?" I'm lost.

[Excerpt]

McConnell proposes giving Obama debt ceiling power       

The top Republican in the Senate proposed on Tuesday giving President Barack Obama sweeping new power to, in effect, unilaterally increase the nation's debt limit to avoid a first-ever default on U.S. obligations. . .

Read more at: MSNBC