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Paul Krugman: The President Surrenders on Debt Ceiling

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opednews.com Headlined to H3 8/1/11

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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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At www.nytimes.com

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