The average US citizen is oblivious to an austerity impact on GDP. You're delusion if you believe otherwise. I think GOP will dig there heals in pretty hard this time around so there will be an impact wether it will be full or partial impact is the question. Three weeks to cut a deal and little movement from what I've been reading - media coverage has been slim up to this point. Another week or so and it will become a more prevalent headline. Believe this will be the media reason to bring the market back the 5-10% to keep it on a healthy trendline even if and assuming the boys in D.C. soften the impact. I've been wrong before....
Short term: sell or hold
Long term: buy with both fists