If Congress gets smart, goes back into negotiations immediately and comes up with a credible plan to implement budget savings of more than $4 trillion over the next 10 years, the world will have renewed faith in the its largest economy.
The good news is that the Pentagon budget is finally on the table in deficit reduction talks. But it will take a lot more hard work to ensure that it is truly reduced as part of ongoing negotiations over the size and shape of the federal budget.
If the general American public is left with the view that this debt ceiling crisis was and is a product of Washington "politics-as-usual", as opposed to an unprecedented exception, then the right will already have won, no matter the detail of any compromise that is struck.
The debt ceiling budgetary proposal put forth by House Speaker John Boehner includes a huge, hidden, and destructive tax increase on those least able to fight back, or even register their opposition: children.