As Congress arrives at a budget agreement and avoids sending the U.S into default right before the August 2 deadline, we’re  examining  the broader, long-term political and historical impact of the the debt crisis. How will it affect the credibility of the U.S.  government? What does it tell us about President Obama, and how will the crisis shape next year’s election? David Sanger, chief Washington correspondent for our partner  The New York Times, talks about the response in the global markets and the deal’s impact on the military budget and other vital programs.