DENIAL: Biden refuses to negotiate and demands a clean debt ceiling deal, saying there is no legal or conceptual basis for a default. This is both completely true and totally irrelevant. The GOP is determined to hold the economy hostage for . . . something.
ANGER: The House GOP finally comes up with a ransom note, which virtually everyone acknowledges will not resemble the outline of an agreement. Biden still refuses to negotiate. Everyone is angry with everyone else.
BARGAINING: Having failed to pick off stray GOP votes, Biden begins to negotiate.
DEPRESSION: We’re getting close to the deadline, and things aren’t looking good. Say goodbye to your 401(k), boys and girls.
ACCEPTANCE: A deal is reached. Things get really interesting from here.