A Question on Debt and The Press

Why haven't the pundits and press ascribed the market losses to congress's failure to cut spending? They said the five day losing streak the week before was because congress didn't raise the debt ceiling. They said the market would crash if it were not raised. So it was raised, and the market crashed anyway, leading to the conclusion that the failure to raise the debt ceiling had nothing to do with the earlier decline. Ahh, but what about our insane spending and the failure to address it? That continues. In spite of the lefts portrayal of the cuts as draconian, it appears the market is saying too little, and maybe too late. Another question; Is the press too stupid to understand this, or do they understand but have an agenda, as in re electing Obama?