German statesman Otto von Bismarck is credited for pointing out that "laws are like sausages: It is better not to see them being made." Never has the truth of that old saw been more evident than during the week through Aug. 2, when the world witnessed the sorry spectacle of U.S. politicians scrambling to stitch together a deal to extend the nation's debt ceiling in order to avert a default on debt payments.
More distressing than the shameless game of chicken that was played with the U.S. economy, with America's international standing and, by extension, with the entire world was the fact that this crisis was entirely self-inflicted.
In the United States, a two-step budgeting process exists. First, the legislative branch approves a budget, then it votes again to allow the government to borrow the money needed to implement that budget. (The second step is needed because the U.S. usually spends more money than it receives in revenue.)