Politico has an article  Debt ceiling debate turns ‘scary’.  Here are a few quotes from the article.

President Obama has threatened to veto House Republicans’ debt plan.

…

Washington’s frayed nerves showed through Monday amid tough talk on the right, a White House veto threat, canceled weekend passes and the top Senate Democrat likening default to a “very, very scary” outcome even for those “who believe government should be small enough to drown in a bathtub.”

Finally we get to the word veto.  It is about time.

To let you know how serious I take this, here is an investment change I made today.  I had a variable annuity that has been invested in an investment grade bond fund.  It is my only investment in bonds. I have been thinking for a long time that I ought to turn it into an income producing annuity.  The application papers to do this are on the way to me for signature.  In the mean time, I locked in the value of the investment today by exchanging the bond fund for a money market fund in the variable annuity.  By the end of the week this money will be invested in a fixed income annuity.  Decisions like this are what drive bond prices down (and bond yields up).