Sure, there will be a lot of political posturing, finger pointing, and endless analysis from the pundits, but the debt ceiling will be raised because it has to be raised. The consequences of it not are unthinkable. The real fight, the mother of all budget/political battles, involves the "Grand Bargain" involving tax increases and spending cuts between Democrats and Republicans. This issue has been kicked down the road forever, but as the saying goes, "facts are stubborn things", and the financial markets will force the issue if our politicians don't muster the courage to make hard choices. The fiscal foundation of the United States has consistently been crumbling since the Reagan administration. The pain of course has to be spread around, and I only hope the most vulnerable don't get crushed.

Peter T.