grharmeyer

^agree. now it's on politicians to appear credible in their fiscal planning. I'm actually surprised at how quickly Congress has reacted thus far. The timing of the election had something to do with it, but both sides are now talking about reductions which is at least a first step.

The really hard decisions are still yet to be made though.

Related question: it seems the market has a relatively tame outlook on treasury rates going forward and credit spreads have come in dramatically. Is the market wrong and everyone buying debt at historically average spreads is going to get burned by sharply rising treasuries?