07/25/2011 09:54 pm ET Updated Sep 24, 2011

Y2K Syndrome Infects Debt Debate

OK kids, here we go. Expect the increasing likelihood of a federal default experiment next week as Tea Party lawmakers on Capitol Hill push GOP leaders to at least allow a one or two-day lapse in raising the debt limit to make a point.

The less-than-panicky (call it jittery) response by world markets on Monday to debt-talk failures has strengthened the right-wing argument that a default is no catastrophe. Comparisons are being made to the wolf crying days of the predicted Y2K disaster that never happened.

Even Wall Street appears prepared for this scenario, instead rallying to celebrate a roll of positive profit earnings by major stocks.

Still, this experiment with the nation's credit rating seems irresponsibly risky since that's about the only good thing we've got going in the global economy.

Also by Craig: Obama-Boehner Smackdown