Yup

UPDATE: This is interesting from Chait:
Most of us expected, at some level, that the election would cool the right’s apocalyptic fervor. Instead, the opposite has occurred. Paul Ryan candidly explained the calculation: "The reason this debt limit fight is different is, we don't have an election around the corner where we feel we are going to win and fix it ourselves. We are stuck with this government another three years." This is a remarkable confession. Republicans need to compel Obama to accept their agenda, not in spite of the fact that the voters rejected it at the polls but precisely for that reason.

UPDATE II: Here is what happens if we breach the debt ceiling.