So there you have it. The debt deal is done, and all that remains is for a ritualistic i-dotting and t-crossing, along with the howls of protest from left and right that their bedrock principles were violated in order to save the U.S. credit rating. But make no mistake: While Washington muddled through at the witching hour and avoided sending the global economic system into the vortex, what unfolded over the past few weeks will have repercussions, and they are not good for America.