The debt ceiling deal has exposed our political system to be a lot like a bad marriage that perpetuates itself only when both parties to it tacitly agree to keep the relationship wholly superficial and at all costs avoid confronting the truth.
Rather than declare victory, Washington should waste no time in redoubling efforts to remove the multiple policy uncertainties and structural impediments that stand in the way of restoring America on the path of high growth and plentiful job creation.
Because people hold sacred values to be absolute and inviolable, any symbolic "concession" must not appear to violate or weaken one's own sacred values. Doing so would likely be seen as forsaking core personal and social identity.
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.