If we are to believe the hype and chicken littlism of the press at the moment were are all going to die unless congress and the president figure out a way to spend more money. Think about that for a moment. What are the odds of the congress and the president getting together and not spending money ?
The debt ceiling will be raised, the “conservative” plan is to raise it immediately and then promise to cut spending by the same amount over the next 10 years. That way the current president can blame the next president, the next president can blame the old president, and congressmen and senators can blame the next incantations of their houses for why spending was never actually reduced.
Really at the end of the day the only question is can they also raise taxes at the same time they spend money or not. And on that you get your best negotiating leverage in the 11th hour so no one is going to resolve this until the very last minute.
But rest assured they will find a way to spend more money.