I don't know the answer to that. I know that not raising is not the answer and it is not a republican or democrat thing. As Warrent mentioned in his recent interview the debt ceiling was raised 7 times in Bush Presidency.
Time is 10:30 and market is up about 0.8%. There is a high chance that market will rally another 1% from now.
Market has slowed down in the last 20 min but I don't believe shorts will have the bulls to do any damage. Condition is in favor of a 2% by tomorrow close.
Battle of longs and shorts. Uncertainities. No one is committing to a long term position. All short terms.