As rain splatters the windows of Sen. John McCain’s second-floor office on Capitol Hill, the 74-year-old Arizona Republican leans back, clasps his hands, and recalls the Nineties. Brinksmanship, he says, cost the party then, and it could cripple Republicans this summer — especially if Rep. Michele Bachmann gets her way. Over in the House, “I am told that it is very difficult,” McCain says. “There are Republicans who are committed, like Michele Bachmann, to vote against raising the debt limit under any circumstances.” Bachmann, he warns, is acting “sort of like Senator Obama did.”(snip) Yet as poorly as Obama has...