The first effect of the new debt bill has been the lowering of the US credit rating which will inevitably cause higher interest rates and lead to a further decline of our economy. At the same time the draconian belt tightening and cuts will be real "job killers" (as Republicans liked to call the Democrats' more balanced approach to dealing with our debts.) In fact this bill will cause much greater contraction of the economy than would more moderate cuts combined with the small increase in taxes on the wealthiest Americans proposed by the Democrats.
Of course this is intentional. All along Republicans, from Mitch McConnell, to the Tea Party, to Michele Bachmann, and others with extreme positions and in the mainstream have stated openly that first on their agenda is to make Obama a one term president. What better way to do this than to drive the economy down as they have been doing consistently since he was elected and with even greater success since the recent congressional elections. Instead of joining in and trying to make things better the Republicans have consistently obstructed everything. The number of fillibusters and Republicans' general obstructiveness are unprecedented in the history of our country. In other words they will do anything for political advantage, including driving our country into the ground. Needless to say this is anti-American as well as against all Christian principles, and it is made much worse by the parading of (false) Christian values by these same politicians.
I think it is pretty clear to anyone with half a brain that the true motivators for these Republicans are power-hunger and self-interest (and perhaps a dash of racism because never in the past fifty years has a president been treated with such blatant disrespect.) No doubt the large corporations, who Republicans accuse the Democrats of being "in bed with," are also handily greasing the palms of these Republican extremists.
We look at some of these Republicans and see self interest, ignorance, and lies. We really must pray that they do not prevail. Pray in church and at the polls.