Seriously. Relax. POTUS is smarter than any of us: he HAS it...

(For the Record: POTUS stands for "President Of The United States")
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from the NY Times:

“There’s nothing that you can look at here that is signaling some revival in growth in the second half of the year, and in fact we may see another catastrophically weak quarter next quarter if things go wrong next week,” said Nigel Gault, chief United States economist at IHS Global Insight. By “things going wrong,” he said he means “if Congress actually starts implementing a massive contraction by suddenly cutting government spending immediately,” as many Republican representatives hope to do.

Prolonging the continuing talks in Washington to raise the amount of money the United States can borrow could also damage prospects for growth in the third quarter, he said, because the resulting uncertainty and threat of federal default are “surely paralyzing businesses and consumers,” making them reluctant to make the big purchases that keep the economy humming."
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But I say, RELAX.
The President will not allow a Default.
Sure, he won't participate in Deficit Reduction Talks while he's in a hostage situation, but he doesn't have to. It is unprecedented to tie the Debt Ceiling to Deficit Reduction Legislation.
So, after he raises the Debt Ceiling by himself under the 14th Amemdment, he will THEN invite budget talks.
Even so, it may take another election to have serious negotiations that involve both tax AND entitlement reform. Because--judging from his Facebook page--my very own personal Congressman, Jeff Duncan, is more interested in protecting us from Sharia Law than he is in actually thinking for himself on budget matters. He and four other SC freshmen are taking their marching orders from God and Jim DeMint.