So what’s happening? Are we headed to default? Are we just in a round of Kabuki theater where real default isn’t a realistic possibility?

Here’s my take on what’s happening and where we are.

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John Boehner’s press secretary, Michael Steel, just sent out a link to this Bloomberg article predicting catastrophic fallout from a US debt default with this message attached: “Folks – This really, really sounds like something Washington Democrats ought to talk to somebody about avoiding. Maybe that’s just me. – steel”