Rhodes Cook says Mr. Obama had a lot at stake politically in the debt debate, mindful that a government default could have wreaked havoc with the U.S. economy and further weakened his re-election hopes next year.

“I don’t know if he strengthened his hand," said Cook. "Let’s put it this way, I don’t think he weakened his hand. I think a [debt) default would have really looked bad for him in particular as the national leader, so that was avoided.”

But former congressman Mickey Edwards says neither side gained a great advantage as a result of the drawn out, polarizing debt limit debate.

“Politically though, it’s amazing," he said. "Neither side won.  The poll numbers for both the Republicans and the Democrats, for both the Congress and the president all went down.  Everybody lost.  This was not a good time politically for anybody involved.”

Republicans are also looking ahead to the 2012 elections and fully intend to hold the president accountable for the state of the domestic economy.

Senate Republican leader Mitch McConnell was a key player in the debt limit compromise eventually approved by Congress.

“Things have actually gotten worse since the president came to office and we need to move in a different direction," said McConnell.

The next fight over government spending will come later this year when a special bipartisan congressional panel will recommend further deficit reductions, which is expected to restart the partisan battle all over again.

Democrats are already insisting that tax increases be part of that panel’s discussion, a view that Republicans say they will fiercely resist.

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