Debt ceiling deal worst case scenario: Jeremy Cook

Another debt deal that kicks the can down the road, setting up yet another fiscal showdown in a few months, is potentially a worse outcome than a default, tells World First chief economist Jeremy Cook. While missing payments certainly "wouldn't be good", he contends it would probably spur the kind of market carnage that would force politicians to come up with a long-term deal. And that, he believes, would be better for the nation's fiscal outlook, as well as for near-term economic performance.