HAPPY WEEKEND – AT 10:22 A.M. ET:  Live it up.  Have a ball.  Captain Smith says the iceberg really didn't do that much damage, and the Titanic will make it to port on Tuesday. 

Oh, wait.  Wrong disaster.  We really should be focused on America's anticipated default on Tuesday morning.

We have nothing dramatic to report to you.  There's been no real progress on avoiding the Tuesday deadline.  Now, as we understand it here, the roof won't collapse on Tuesday.  Money flows into the federal government all the time, and we can meet immediate obligations.  But the symbolism will be devastating, and will encourage ratings agencies to downgrade our credit rating.

We know only that "talks are underway," and that the Senate anticipates a vote on some kind of plan at 1 a.m. tomorrow.  The boys are staying up late.  The mainstream media, as expected, is framing the situation as being created by Tea Party conservatives, who are holding out for their demands.

We do not see much activity on behalf of Mr. Change We Can Believe In.  This glorified town councilman sits in the White House and waits for the peasants below to come up with ideas.  Our side warned in 2008 that this man, who no doubt is bright and speaks very well, was woefully unprepared for the presidency.  He's been in office two and a half years.  Case closed.

July 30, 2011