Even bloggers who have pointedly refused to engage with the debt ceiling charade are noting the impact of the, er, shenanigans on markets:
http://www.calculatedriskblog.com/2011/07/debt-ceiling-charade-impacting-short.html
I understand that after markets close tomorrow, there will be a presentation from the administration regarding debt prioritization. Think of it as the bit in which the parties responsible for writing the checks to pay the bills sit down and figure out which ones have to be paid and which ones will be allowed to go past due.
If we are not yet at the point where someone has decided to bail out but suddenly realizes their door is stuck, we're damn close.
ETA: Here's an alternative proposal:
http://delong.typepad.com/sdj/2011/07/the-presidents-obligation-to-take-care-that-the-laws-be-faithfully-executed-requires-him-to-start-minting-large-denomination.html
