On Krugman's critique of President Obama's debt ceiling compromise

“It will damage an already depressed economy; it will probably make America's long-run deficit problem worse... most important, by demonstrating that raw extortion works and carries no political cost, it will take America a long way down the road to banana-republic status” - Paul Krugman

Do you agree with Krugman's critique ? Or did the President put together the best plan he could given the current situation?

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