I'm not sure how the Dems do this since they don't control the House and have no hope of holding it in '12.
It's all about the elections. If we get a GOP Presidency and/or Senate we get spending cuts AND upgrades by ratings agencies since we have a newly raised debt ceiling.
If they raise the debt ceiling it will be now. Not in 2012. Once they open the floodgates again spending will go ballistic.