Presto! Instant balanced budget, and there isn't a damn thing Obama can do about it. Of course, that would mean instantly cutting 40% of government spending, which is now IMPOSSIBLE to do without draconian cuts across the board, including social entitlement programs. That's what we need in order to survive as a nation, but they won't do it.
Just watch - in a couple weeks (when we hit the debt ceiling again), the Republicans will vote to let Geitner continue to borrow more of Bernanke's increasingly worthless fiat currency, and we'll see yet more inflation in food and energy.
You are right, the Republicans fear doing the right thing because they know the American people won’t support them. They will look over their shoulders and find no one following them. The American people prefer bankruptcy, whatever that means, to the most minor of cuts.