NEW YORK ( TheStreet) -- The House of Representatives is eventually going to vote on the debt plan being pushed by the Republican leadership and it may even pass but it's hard to see this as real progress as the Senate is waiting in the wings to shoot the bill down.
There are rumblings that some sort of compromise is slowing bubbling up behind the scenes but time may have grown too short. The wheels of democracy grind slowly and nothing in how this saga has played out indicates both sides will suddenly come to their senses and not make a battle out of every detail.
Ian Shepherdson, chief U.S. economist at High Frequency Economic, calls the current situation "a recipe for stalemate" and sees the risk of the government missing the Aug. 2 deadline to raise the debt ceiling as "very high" with the possibility of an embarrassing shutdown also in play.
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