With a "clean" debt ceiling extension from the Senate, all eyes will again turn to the House. The fiscal cliff vote demonstrated that the mechanism of "letting the House work its will" avoids catastrophe.
Although there wasn't a default in terms of America's payments, there was a gaping, unprecedented, and embarrassing default in our political process, Democratic philosophy, and the social contract of the United States.
Although the debt ceiling imbroglio is finally behind us, D.C. has set the economy up for a painful few years, and without a major change of course, we can expect to see higher unemployment and slower growth in the near future.
If you haven't noticed, this is Mitch McConnell's moment. Only instead of being this century's Henry Clay -- Kentucky's "Great Compromiser" -- McConnell is and wants to be the Bluegrass's "Great Dismantler."
So we won't default -- unless the extremist Tea Party gets its way. But we don't have a long-range fiscal plan, either, whatever the press releases say. Since the plan on the table is horrendous, that's a good thing.
When people are looking for a place to point the finger after this disaster or near disaster they should look no further than the Media. When did their job become spewing out contradictory information 24/7?
"We're sorry to have to make this adjustment," said MPAA spokesperson Morton Isherwhile. "But, in recent months it has become clear that the United States' content is only appropriate for very limited audiences."
What is the relevance of section 4 of the 14th Amendment to the current crisis? What it seems to say is that the government must honor all public debt "authorized by law." This suggests that non-payment of our existing debt is not a constitutionally-permissible option for the president.