There will be much more to write on this in the near future as we look at a variety of budget questions, but it seemed appropriate to post something prior to the radio show this week. There is no guarantee of good to come of this in terms of long run, sustainable growth and development.
The one good thing that may come from this is a recognition of the irrelevancy of the debt ceiling. This is a meaningless gesture that was nothing more than a second bite at the apple for politicians wanting to appear fiscally sound. You could vote for a spending bill and tax hike, and therefore increase the deficit. Then you would vote against the debt ceiling increase in the name of fiscal prudence. Hopefully this is done with now.