By Felix Salmon, includes “Brace yourself for another round of unedifying posturing and brinkmanship, all of which should result — after a period of entirely unnecessary fiscal contortion — in the debt ceiling being raised (not abolished) sometime this fall. … While every Treasury Secretary would dearly love for this archaic annoyance to simply be abolished, Congress invariably insists on keeping it alive, mostly so that its members can continue to score cheap political points off each other.”
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