"Our policymakers can only address these issues at the last possible moment, and when there isn't agreement on the last possible moment … mistakes can happen. In particular, the recent pressures on the money market would have forced extraordinary actions from the Fed or Treasury soon, leaving a question mark over how future showdowns will be handled," writes CFR Senior Fellow Robert Kahn.
"In the process, they also brought on a government shutdown that deeply damaged the party, dismayed many in the party's business-community base, distracted attention from the budget issues where others in the party believe they have had the most success and turned the keys to that budget debate over to more moderate forces in the Senate," writes Gerald Seib in the Wall Street Journal.
"Then, on Feb. 7, the Treasury will again hit the debt ceiling. That will be closer to the midterm political season, and the futility of trying to use default as a weapon should be a fresh memory for Republicans. But many in the party remain defiant, opposing this week's deal and vowing to keep waging their crusade," writes the New York Times in an editorial.
Japan Considers Expanding TPP Tariff Exceptions
Tokyo, seeking to protect its agricultural industry in new free trade agreements, plans to expand the scope of foreign farm products it aims to impose tariffs on under the Trans-Pacific Partnership (Kyodo).
This CFR Backgrounder explains Prime Minister Shinzo Abe's economic vision for Japan.
The Organization for the Prohibition of Chemical Weapons said it remains confident it will meet deadlines to destroy Syria's arsenal even though some sites are in disputed or rebel-controlled territories (Reuters). Syria must destroy its stocks by mid-2014.
IRAN: Negotiations in Geneva this week between Iran and world powers over Tehran's nuclear program were described by attendees as the most detailed yet and are set to resume on November 7 (BBC).
CFR's Ray Takeyh discusses the nuclear diplomacy in this op-ed.
Nigeria Expects to Win Seat in UN Security Council