WASHINGTON — Jim VandeHei, executive editor ofPolitico, and a panel of his reporters expressed pessimismWednesday about a speedy end to the governmental paralysis grippingWashington and a possible U.S. default on its debt.

The panel took the place of Rep Michael McCaul (R-Texas) andchairman of the U.S. House Committee on Homeland Security, who wassupposed to address the luncheon at the Visa Global SecuritySummit.

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The panel was uniformly pessimistic about an early or easy endto the current standoff, with neither side having much room tonegotiate or compromise. VandeHei was particularly pessimistic,calling the chance of the U.S. government defaulting on its debtpayments at about 30%.

As reasons for the shutdown, the panelists pointed to the lackof pressure on any of the most conservative House members.President Obama, likewise, is unwilling to be the first presidentto back down to Congressional threats, the Politico editorsaid.

“People keep saying, 'Oh, they have to compromise, they can'tlet it go that far,' VandeHei said. “But I keep wondering who thesepeople have been talking to. I think there are Republicanswho will be quite willing to see the U.S. default on its debtpayments if they think that will let them make their point aboutthe president's health care law.”