It seems we and the bond market were right, and the Congress of the US will not allow a crisis to develop over the debt ceiling. I never thought they would as the backlash in next year's election was bound to be severe. So the budget battle will rage and the political theater will continue.
Let's borrow a thought from the GAO and tie the debt ceiling debate to revenue and appropriation bills. That way Congress must continually face the impact of their decisions, and we taxpayers can be continually apprised of the impact of spending, even the cherished pork that comes to our own home states. The additional value is that we can do without the unnecessary drama associated with these votes.
