Hopefully Republicans have learned their lessons from the TARP debacle and will not cave in to rumors about "financial meltdowns" if they don't do what the liberals want them to.
Today was supposed to be Black Monday, where the markets would melt down because Republicans refused to raise taxes on everyone.
Instead there was a quite normal day at the market. The stock market, being relatively free, has already priced in a failed debt deal. There will be some movement as people close out their positions if a deal dose fail to materialize but any large market swings will be the result of people who panic buy/sell.
The market knows full well that continued liberal polices are the greatest threat to America. If the debt ceiling is not increased we will only start defaulting on some of the debt if Obama chooses to do so. There are plenty of revenues coming in to cover the debt and automatic payments due from the government, such as Social Security checks.
Republicans need to stand their ground and demand spending cuts first and any tax hikes should come only after spending cuts have actually been enacted (with provisions that the tax increases are repealed if the cuts are repealed).
Democrats are proven liars on this issue. Republicans need to begin every discussion on the debt, deficit, spending cuts and tax hikes by reminding everyone of that.