Actually they were killed by a dose of reality when Democrats called the Republican's bluff. Democrats put everything on the table (far more than they should have) but Republicans refused to agree to any real cuts let alone to tax the rich even at Clinton era levels.
The Republicans refuse to cut spending in any serious way. Remember, they were in complete control for 14 years. The current budget is still entirely a Republican construct, they've blocked every reform possible since Democrats regained tacit control of Congress in 2006, as Republicans have maintained control by filibuster in the Senate. If Republicans were to agree to any cuts, they would have to answer to either the voters (tea bag protest sign: "keep your Government hands off my Medicare") and on anything else they answer to the lobbyists who own the Congress. Sure they're happy to screw with poor people and school kids, neither constituency votes or gives bribes, but make real budget cuts? No way.
The Republicans are still chanting that we are borrowing from China and sticking our grandchildren with the bill. The fact is that China has not increased its US Treasury Bond holdings in years. Even when they did, they paid for them in USD. Have you gotten a Government check payable in Yuan? All those dollars they have to throw around are not from their own profits, China spends those buying up African copper mines and Texas oil fields. This is really extra money US companies are keeping offshore in Chinese banks to avoid US taxes. Those same companies pay far more corporate taxes in China than they do in the US.
The bulk of US Treasury bonds are in fact held by rich Americans who are wallowing in cash after three decades of being grossly under taxed. The rich see these bonds as the only safe investment since all the extra cash has created bubbles in everything else. The rich are really banking on a deflationary spiral like the one their grandfathers created in the early 30s. This will allow them to grab off the last of the middle class wealth.
As a point of history, it's not true that Hitler was brought to power by the runaway inflation of the Weirmar Republic in the early 20s, but from the real suffering brought on by the deflationary spiral of the late 20s. Despite Prescott Bush and his Wall Street banker friends' best efforts to repeat their successes in Italy and Germany, the Progressives in the US elected FDR instead. That didn't keep them from an immediate coup attempt. Things have been worse, but we continue to rush headlong toward a repeat of the events engineered by the descendants of the same people the New Deal tried to defeat. It is class warfare, and we're losing.