While Sen. Ted Cruz performs his 'tamasha' in Senate, what is clear is Republican Party is spilling and burning precious political capital on a singular issue like De-funding ObamaCare (without any credible solution) and adopting wrong policies under the grab of reducing deficit when deficit is actually falling. This is clearly a missed opportunity for Republican Party.
Well, the opportunity will be missed if only Republican Party exists at all after the Default. Let us try to imagine how events would un-fold: Republicans would have conceded on government shutdown because their leadership would have promised de-funding of ObamaCare in Debt Negotiations. While the GOP leadership is busy in arguing historical precedence of past Debt Negotiations; President Obama would have closed his escape hatch publicly with full intention of calling GOP's bluff. With no saner minds prevailing in GOP and Business Community (the one which has maximum stakes in Default) failing to avert excesses of Tea Party; America would default. Markets would crash, bond yields would rise and Dollar may crash. Chinese Yuan, Euro, Japanese Yen, Korean currency and host of other stable currencies will soar. World would have changed on dime with permanent pricing of America's broken political system in whatever Americans avail from global market. Shift of Global Finance from New York will fasten. With jeopardizing of American Economy, it is hard to imagine how lives of common Americans will be any better.
Longer the Default situation lasts, more people will start understanding how toxic Republicans have become. For sure, we would have crossed the line at that point to bother about what is the fate of Republican Party. Precisely that is how end of 'political forces' is written and Republicans will be only on a path to become Whigs at that point. More and more Republicans, (ex-Republicans at that point) will start coming forward lamenting how saner minds did not prevail and how they were closet non-Republicans in the first place. Others in Republican Party will start running to Libertarian Camp, just to get rid of Republican lable. In other words, there will be a problem of how to absorb these ex-Republicans.
Just as President Obama started his Presidency in collecting broken pieces of American Economy; he will end his Presidency in the same manner after the Default. The only difference will be Republican Party would have retired to history books then.