Nick Gillespie of Reason.com and sans leather jacket gives about as good a summation of the debt ceiling debate as we have seen/read and helps partially explain why we haven't spent much time on it here at Beers with Demo.
1. August 2nd is a phony deadline. We are currently on double-secret probation.
2. Reaching a debt limit is not the same as defaulting.
3. Legislating in panic is no way to run a country. See also: Obamacare.