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U.S. debt ceiling under scrutiny

“I have a more fundamental question. Why do we have a debt limit in the first place?”

More than two years have elapsed since former Chairman of the Federal Reserve, Alan Greenspan, expressed this sentiment – and it is still a question that begs answering.

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The US Budget – Petty Politics Equals Poor Policy

Throughout the hoopla of the Leadership Spill that wasn’t I was struck by how parlous politics in Australia had become. Then I wandered over to one of my regularly-read blogs, the ever-engaging Ezra Klein on The Washington Post, who highlighted the endemic nature of intransigence in the budget-making process in the US. His broad contention, reinforced by the likes of Jonathan Chait in New York Magazine, is that no matter what President Obama offers in terms of compromise on the budget, it will be met by the same obstinate response from Congressional Republicans to demand more concessions on spending in exchange for any further increases in tax revenue.

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