The Two Most Exquisite Ironies Of The Debt Ceiling Fight
1. On the one hand, much of Wall Street is insisting that the whole fight is political theater and that Congress and the White house will work something out. On the other hand, congressional Republicans are insisting that Wall Street won't react negatively if a deal doesn't get done.
In other words, financial markets aren't yet reacting because they think a deal is in the offing and the GOP isn't cutting a deal because it doesn't think Wall Street cares.
2. On the one hand, congressional Republicans are using the debt ceiling as a weapon to force the White House to accede to their wishes on spending cuts. On the other hand, the GOP in the House and Senate insists that not raising the debt ceiling will have no impact.
So...We say that not raising the debt ceiling won't have an impact that we have to worry about but you had better be worried because it's going to hurt come August 3.