Fanatic factions in congress, mercifully, did not trash the full faith and credit of the United States.  Good news for the short term.  But the deal focuses on making cuts at a time when consumers aren’t spending and businesses aren’t spending or expanding, leaving the government as the  spender of last resort.  Austerity at this juncture seems to mean continued bad economic news in the long term.

Tags: debt, Debt ceiling, Disaster, recession

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