Enter the Senate
It seems odd to think that we should now feel happier given that the responsibility for solving the immediate fiscal mess falls to the Senate. The House and the Senate Republicans have been at odds with each other publicly over the last several weeks. A significant part of the issue is the difference in electoral concerns for Senators when compared to the Representatives from the House. Larger electoral districts generally include more diverse sets of opinions and as a result the entirety of a state requires differing approaches from the House districts.
Any legislation agreed upon in the Senate still needs to pass the House, and that does not seem to be a given at this point. So the ability/willingness of the House to avoid the debt default is really still the crucial piece of the puzzle. I am guessing that the Senate will reach some type of resolution by Sunday night or Monday. This still looks like it could go down to the wire.