The US debt compromise is a disaster for everybody but the very rich. Obama, if he ever had any principles (and I never thought he did), has abandoned them.
Most of the American population is going to suffer severely - and for a long time. But corporate returns will probably remain solid - so it technically won't be a depression - just a lot of very poor and desperate people.
American democracy ceased to exist a long time ago. I suspect that soon we won't see even the pretence of it. The US is now openly run by the greedy and unscrupulous with the support of an hysterical and ignorant mob.
That debt deal turned the corner. There's not even a pretence that this will revive the economy or help anybody except the very rich.
But don't worry about it.. Church services will continue to be an abstract discussions to take us away from the real world. I got the message today from a radio preacher. This is a time of famine. So we have to tithe more so God will bless us.