Here we are – last minute – still waiting for Congress to agree on the debt ceiling in order to avoid an unprecedented debt default – the vote is supposed to take place this afternoon. Although the Senate is expected to pass the bill, there are hesitations in the House of Representatives, much due to the fact that the purposed bill is lacking additional revenue measures (i.e., increased taxes). Economists around the world have been expressing their concern and disdain. One of China’s official newspapers has called the U.S. handling of the debt crisis and “irresponsible and immoral”. Even if the current bill is signed into law, many economists and the credit rating agencies are eying it with concern, believing that there’s not enough teeth in the deficit reduction plan, and there are “risks to implementing various phases of the … deal”.The concern of investors can be seen in the rate drops from last week – about .25% point almost across the board.