We've been ignoring the kabuki theater going on in Washington the last few days, with Gang of Six, Grand Bargain revised, cut- cap- and balance ("duck- dodge- and dismantle"?) plans in play (or not). Why waste electrons? We're breaking radio silence today because signs seem to be pointing more firmly in the direction of a final end game (with few details emerging, of course), less than two weeks before "BOOM goes the economy."
Odds are now that there will be a short-term lifting of the debt ceiling to provide some breathing room for the final debt/deficit package to be run through the sausage-making machine. But that's process. What's more important is what principles are being upheld or abandoned. Let's see.
