Is the War Powers Act now defunct?

As U.S. involvement in Libya approaches the 60 day mark, the War Power Act's modern relevancy is brought into question. 

For those unfamiliar, the War Powers Resolution of 1973 is a federal law restricting the power of the President to commit the U.S. to an armed conflict without the consent of Congress. Specifics of the law allow the President to send U.S. forces for a period of 90 days without direct allowance. Now 60 days into conflict in Libya, if Obama fails to get congressional support for the military action, he must end U.S. involvement by mid-June. Or does he?

Congress's only real power to enforce the rules of the WPA is to cut funding for the military operations, but they are clearly not willing to do that: what Congress wants to be accused of cutting off money for active duty troops? Also, no President has ever wanted to go to war without some semblance of political support...there has always been late-in-the-game dealmaking between the two branches. We've heard NOTHING about the WPA in the news or from the Presidents office, it's not even on the radar. 

Clinton received clearance from Congress after bombing raids carried out in Kosovo. George W. Bush also gained approval for the wars in Afghanistan and Iraq. Does the WPA allow the President to wage war without our consent? If Obama fails to get formal Congressional support for our action in Libya, the War powers Act will silently die in the shadows. The funny thing is, it will die during the tenure of a President who pledged to put an end to unconsidered warmaking.