the compromise, as synopsized, appears to be plagued with illusory provisions, but maybe the actual legislation will be tight enough such that it will have some teeth. Raise the debt limit by $900 billion now, but get it back by a little more than $900 billion of cuts over ten years. Not sure what stops the gov from coming up with this or that new spending measure during the next 10 years, unless we are going to have this same sort knock-down, drag-out type fiasco accompanying every future debt ceiling increase.
It's not an impossible task to get things somewhat under control, and the fact that so much attention has been brought on this topic helps make it more possible, but it's still going to be very, very tough.
There has to be a big bunch of Democrats that are very upset that the compromise does not include more tax on the more fortunate Americans and companies. We're also far from any kind of balance budget mandate, although more people will be watching.
There still could be some surprises tomorrow, but looks like it will get done. Many that sold for safety in the last one to three weeks will be piling back in - I don't know that I would. A big day in the markets may be a good day to exit some positions (not talking about G&S or PM shares, can't imagine a good day coming for us tomorrow).
