It appears that Republicans and Democrats, Congress and the White House, have arrived at agreement on the debt ceiling. To sum it all up: the debt ceiling will be raised (shocker there) and Armageddon will be averted! Both Republicans and Democrats are claiming victory for their respective sides. All of this was more than just a bit predictable. Republicans swore that they would not vote to raise the debt ceiling unless Democrats in turn swore not to raise taxes. Presumably, then, Republicans believed that we could afford not to raise the debt ceiling, that the alternative to not doing so, though perhaps not all that pleasant, would nevertheless be tolerable. At the same time, they continually told us that unless they agreed to raise the debt ceiling, world-wide economic catastrophe would ensue. So, the debt ceiling would have to be raised.