Crisis Won’t Be Ended with a Backroom Deal

David Frum: “Like the atomic bomb in a James Bond movie, the debt ceiling crisis seems to have been averted with only minutes remaining on the countdown clock. A lot could still go wrong. But sighs of relief are being heard from Congress and from Wall Street. The S&P 500 has gained more than 2 percent over the past week.”

“We can all welcome the last-minute decision by Republicans in Congress to halt a confrontation that threatened to blow up the world financial system. It’s important to understand, however, that even if all goes as agreed–even if the debt ceiling is raised and the government shutdown ended–this crisis has nowhere near ended.”