Regardless of how the current debt ceiling circus act plays out, don't be surprised to see what happens to Uncle Sam's credit rating as potential lenders to a government living well beyond its means start figuring all of this out.
We have learned nothing. The Dodd-Frank bill enacted to make sure "this never happens again" has accomplished nothing. The Sarbanes-Oxley bill enacted after the last crisis to make sure "this never happens again" accomplished nothing.
The insanity of self-imposed political constraints which limit the range of fiscal policy, not only impart a deflationary bias to the economy, but also preclude the adoption of prompt counter-cyclical policy.