Financial markets are suggesting the political drama surrounding congressional efforts to raise the nation's debt ceiling will play out more like the lesser of two recent showdowns.

Investor angst, as measured by the CBOE Volatility Index, known as both the VIX and the fear index, is below the levels experienced during 2011 and 2013 confrontations, even as lawmakers face of deadline of a little more than a month to reach an agreement.

The protracted battle in 2011 led S&P Global Ratings to downgrade the U.S.'s sovereign debt for the first time. In 2013, Congress struck a last-minute deal to end a four-week standoff that economists say took a notch out of economic growth and forced the Federal Reserve to put off tapering its bond purchases. This go-round could tweak the Fed's monetary agenda again.