If you thought the financial crisis was bad, wait till the debt ceiling caves in

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The debt ceiling is not just about the debt ceiling. It's about our capacity to solve our economic problems going forward. If the two parties can come to a grand bargain on debt and deficits by the end of May, then great. But if they can't -- and that's where the smart money is -- the debt ceiling is not the moment to demonstrate to the markets that Washington is broken. Once we pull the pin on that grenade, there's no putting it back in.

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