Tired Head Warning: Debt Ceiling Post

I know some of you will eat this stuff up, so I'll post it.  If I understand it correctly (which is highly, highly suspect), these are the ground/political rules:

• The U.S. has, or soon will, reach our legal debt ceiling which means that the U.S. can no longer borrow money.
• The Democrats don't have any problem raising the debt ceiling.
• Republican would agree to raise the debt ceiling but only if there was a budget cut equal to the raise. 
• The Tea Partiers will accept the Republican position but if they had it their way they wouldn't raise the ceiling under any circumstances.
• If the ceiling isn't raised, the U.S. can't borrow money to  make payments on its current debts meaning that debt could go into default. If the U.S. debt goes into default, we've got Armageddon. 
• In actuality, the U.S. wouldn't have to default on its debt but could instead not fund part of its everyday budget.  
• House Speaker John Boehner wants to stand his ground but doesn't want the President to make him look like the bad guy if this gets nasty.

Like I said, the Most Trusted Source In News is back in the States.