Making political sense out of scary current events

The debt ceiling battle and economic gyrations of the last two weeks have confirmed for anyone not living in a cave: We are living in scary and fascinating times — economically and politically. We discuss the questions and implications.

Does the stock market sell-off and the overall financial gloom make it harder or easier for the nation's political leaders to come together and forge a compromise plan to get the economy back on track?

Webb: One would hope that the biggest financial crisis in most of our lifetimes would bring both sides together to make tough decisions and provide the markets some confidence that America can get its act together. Unfortunately, that's not what is happening, especially as the 2012 elections loom ahead. Instead of bringing the sides together, the crisis is providing opportunities to play the blame game and seek political advantage.

As a mainstream conservative Republican, I absolutely believe the Republicans MUST hold out for significant and permanent debt and spending reductions without tax rate increases. But I also believe that, since Republicans control only half of one branch of government, they have to concede a little. Close tax loopholes, for example, in exchange for overall rate reductions. Demanding passage of a balanced budget as a prerequisite for meaningful action is not realistic. The elephant in the room remains entitlement reform, and neither side is willing to address Medicaid, Medicare, or Social Security in a meaningful way for fear of political consequences. That's a shame. It's ridiculous.

Republicans have changed the debate in Congress and the focus is on cutting, where it should be, instead of on spending. Now Congress needs to show it has a realistic bipartisan economic growth plan so investors and businesses can feel more confident. Blaming the other side is not a plan.

Pignanelli: "In a crisis, don't hide behind anything or anybody. They're going to find you anyway." — Paul Bryant. Americans should be grateful to Congress. As millions of us attend and organize family reunions this summer, we are blessed with the knowledge that national politicos have set the bar of dysfunction so low that any weirdness in our personal domestic events will seem positive and healthy. (Yes, I speak from personal experience)