Jonathan Freedland makes a good point

It is unlikely that Gordon Brown will apologise for his part in producing the conditions for global recession as it is unlikely that he will blame the United States for it when he stands up in front of the joint houses later today.

However I totally agree with Jonathan Freedland's point in the Guardian that maybe an acceptance of default could pave the way for future recovery for him and the party.

It needn't be a sackcloth and ashes apology but an admission that the entire political and financial establishment erred when it believed in the infallibility of the market, and that New Labour's love affair with the City was part of that error.

writes Freedland this morning