If you aren't taking politics into at least a little bit of consideration, then you're not being realistic about 2012.
Talk about not being realistic!!! Not only will it be possible for Obama to do so... he will, with every media talking head agreeing with him! You and McConnell both make the same mistake: you assume that anyone in the media will call Obama on his lies. Well, the press hasn't to this point.
In fact, if Obama went on TV and blamed this very law for the economy, McConnell will have ten Sunday-shows calling to ask why he wrote a law specifically designed to destroy the American economy.
You (and McConnell) need to be realistic. There's no way to "spin" this without the press' help. That's why Republicans need to achieve something... not place their hopes on political spin...
I have a news alert for you, Obama is going to blame the GOP no matter what happens.
What the GOP should seek is clarity. Namely, that Obama favors a debt ceiling increase so he can increase govt spending while the GOP opposes a debt ceiling increase because the GOP wants to decrease govt spending. Provide the voter with that clarity and let the chips fall where they may.
If our fellow citizens are worthy of the free Republic that we have inherited, then they will do the right thing. And if they are not, then no amount of tactical cleverness by the GOP will save them.