NEW YORK ( TheStreet) -- Now that the markets have digested the Federal Reserve's tapering decision, it can focus on something else: The debt ceiling debate.

TheStreet's Debra Borchardt spoke to Peter Cardillo, chief market economist for Rockwell Global Capital, who said the market will probably pull back while the Congress continues to debate whether to raise the debt ceiling or balance the budget before the fiscal year begins Oct. 1.

With equities near all-time highs, the expected pullback isn't all that surprising, especially since this isn't the first time we've seen a debt ceiling circus, Cardillo said.

In the end, Cardillo said the government will pay its bills and raise the debt limit. This is nothing new. He added that about 10 years ago the government actually shut down for a day, but he doesn't think it'll go that far this time.

One of the big discussions is over cutting the $40 billion food stamps program, something the Republicans want. Cardillo said the program will likely be trimmed, but not cut altogether.

He concluded the Fed didn't want to taper its bond buying due to the fear of chaotic bond selling, which would drive up rates, as was evident in the summer.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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