This debate was a politically motivated assault on Obama, which will escalate into a severe recession and the possibility of a depression as we have never experienced in our life time.
A responsible congress would have passed a clean debt raising bill as has been done 73 times since 1964 and put the deficit debate where it belongs…separate budget negotiation and fiscal reform. Lifting the ceiling allows our country to pay for past debts approved and incurred by past legislations; reducing spending is for future legislation that can reduce the deficit and, hopefully, prevent ever again raising the debt limit. By attaching spending legislation to this normally accepted procedure by “the adolescent nihilism of Republican right, and the intellectual sloth of the American people” , we now see our nation teetering on the brink of defaulting on our debt obligations something that would have been unheard of in the past.
http://www.salon.com/news/politics/war_room/2011/07/27/lyons_deadbeat