Paul Krugman: The President Surrenders on Debt CeilingQuicklink submitted by Sheila Samples Permalink
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|The deal itself, given the available information, is a disaster, and not just for President Obama and his party. It will damage an already depressed economy; it will probably make America's long-run deficit problem worse, not better; and most important, by demonstrating that raw extortion works and carries no political cost, it will take America a long way down the road to banana-republic status.|
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