For those readers not keeping close tabs on the debt ceiling negotiations currently under way in Washington, here's how each participant views them:
There's been a lot of online debate about this question. Business Insider's Joe Weisenthal thinks this is just a matter of re-election motives, but I don't think it's that simple. As Nate Silver points out, "there is a larger ideological gap between House Republicans and Republican voters than there is between Republican voters and Democratic ones." Furthermore, many of the House GOP freshmen were elected in swing districts, so it's not as if they're representing only ultraconservative portions of the country.
I'd attribute the strategy of the House GOP caucus to two factors. The first is rhetorical blowback. It's simply impossible for elected representatives to say "we're not going to raise the debt ceiling, we're not going to raise the debt ceiling, we're not going to raise the debt ceiling..." and then actually raise the debt ceiling. And they really can't agree to the Mitch McConnell plan of "raise the debt ceiling with no concessions and then blame Obama." They can't agree to any "grand bargain" on austerity because any such bargain would have to include tax increases and there's that darn pledge not to. Politicians do occasionally go back on flat-out pledges not to do something. The example of George H. W. Bush to current GOP House members is not a good one, however. With blowback, it doesn't matter whether a member of Congress really and truly believes what they're saying or whether they can't reverse course without exposing their political backside. They're just as screwed.
The second factor is even simpler: to date the current Tea Party strategy of "no retreat, no surrender" has worked like political gangbusters. Recall that the conventional wisdom in Washington in early 2009 was that the GOP was going to have to be in the wilderness for a couple of election cycles before moderating their positions and winning at the polls again. The exact opposite of that scenario has occurred (see Erick Erickson on precisely this point). The Tea Party movement has been built on uncompromising hardline positions, and has led to significant electoral and political victories. As Joshua Green explains, even the exception proves this rule for Tea Partiers:
Unless and until the Tea Party wing of the GOP pays a political price for its positions, they have zero incentive to change their strategy.
Am I missing anything?