No way to run a country - Gergen/CNN.com
Which of the following outcomes is most likely in the days ahead?
(a) The president and Congress reach a historic accord that reduces deficits by some $4 trillion over 10 years while also lifting the debt ceiling through the 2012 elections.
(b) They reach a much more modest agreement that lifts the debt ceiling in stages, includes spending cuts of some $1 trillion to $1.5 trillion but once again postpones the really tough decisions.
(c) They are unable to get a bill through Congress before August 2, the U.S. defaults for the first time in history, and in the ensuing mess, they quickly pass a stop-gap measure.
(d) The credit rating agencies can’t stand the mess anymore and downgrade America’s AAA credit rating, something we have had since World War I.
(e) The worst of all worlds: a combination of (c) and (d).