WASHINGTON (Lesley Wroughton) – The United States is courting calamity with the continuing stalemate in Congress over raising the country’s debt limit, the World Bank’s chief said on Friday. “Whatever the logic about the tactics, it’s a very dangerous environment,” Robert Zoellick told a meeting of the Society for International Development, adding that people were [...]
With the reported deadline to raise the debt ceiling drawing ever closer, Washington has yet to come to terms on a deal to do so – this despite months of warnings from prominent politicians and businessmen alike, both of whom say not doing so could be potentially disastrous. No doubt the reasoning behind the invoked [...]
The United States and Denmark are the only two democratic countries that have a debt ceiling, writes James Surowiecki in The New Yorker. No one else finds it all that necessary. Why do we? Surowiecki makes a very good case for abolishing the debt ceiling. It was adopted in 1917 to stop U.S. presidents from borrowing [...]
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