Austan Goolsbee: Hitting Debt Ceiling Would Be 'First Default In History Caused Purely By Insanity'
There are, it seems, only two major issues that have a set time frame for political brinkmanship between the White House and Congressional Republicans. The Bush tax cuts will make for an interesting election-year dynamic when they expire in two years. Well before that, however, the president will have to persuade GOP leadership to ignore Tea Party insistence and allow for the country's debt ceiling to be raised.
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