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Is Washington crying wolf over a default?

They are the three big bad wolves that threatened to blow Wall Street's house down: The fiscal cliff, sequestration and, now, the debt ceiling.

The first two—involving a series of mandated tax increases and spending cuts, respectively—did not turn out nearly as bad as expected.

If Thursday's market behavior is an indicator, the threat of a U.S. debt default likely won't have much impact, either.

So what ultimately will happen as Washington continues to search for ways to avoid an armageddon scenario that the stock market clearly is not pricing?

CNBC Chief International Correspondent Michelle Caruso-Cabrera and CNBC.com Finance Editor Jeff Cox hash it out for NetNet TV.

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