Whether you think this is a kabuki dance or not (and I’m pretty certain the debt limit will be increased), it’s pretty clear that Republicans want to play out the string on this, and won’t stop until Wall Street makes some tangible signal to raise borrowing costs or come close to a meltdown. We are headed for the kind of moment we saw with TARP, where lawmakers agree to something under extreme pressure. As Digby says, that doesn’t usually go well.