I didn't get too worked up analyzing what might happen in the event of a U.S. default on its debt, because I knew in my heart of hearts that such a move would have required some serious political spine.
This is something that is completely lacking in both parties right now, so I didn't worry about any other outcome besides an eleventh-hour agreement to kick the can a bit further down the road.
Not much really happened besides an agreement to talk about things later on and a reprieve on the debt ceiling until Feb 7th. From the WSJ:
Congress narrowly averted default Wednesday evening, voting to reopen the government through Jan. 15 and suspend the debt ceiling through Feb. 7. Mr. Obama signed the legislation when it reached his desk just after midnight.
In the end, the president got essentially what he wanted: a deal to fund the government and avoid default without significant alterations to the Affordable Care Act or other major strings attached. The agreement provides only a temporary reprieve but also lays the groundwork for talks focused on broader budget issues.
(Source)
What are those broader budget issues, the things most burning in D.C. right now that the groundwork has been laid for?
Fixing the broken immigration system, passing a farm bill, and taking a more balanced approach to passing a budget.
Those are the three top priorities of D.C.
While those might be great political theater, they have nothing to do with any of the most pressing issues of our times, including the fact that Washington, D.C. gets deeper into insolvency with every passing year, the Federal Reserve is printing up more than a trillion dollars per year, and our entire plan for the future rests on having perpetual access to fossil hydrocarbons, especially oil.
by cmartenson 
