Once there is a deal for a debt limit increase stocks will almost immediately regain the 4% they lost due to the bogged down legislation.
Call options on the SPY are very expensive due to both the volatility and the expectations that stocks will snap back. Leave em alone.
Look at BkofAma (BAC). Look at grabbing some Aug 10's Calls at only .15. The stock is at about 9.78.
If the market retraces this beaten down bank could pop up to 10 1/2 making these options worth .60.
Good luck