the debt ceiling fight didn't end in default (thank god) and in all truth it didn't even result in severe austerity in the near term. The cuts next year aren't actually all that dramatic, although they're certainly very unhelpful at a time when the private sector is weak and deleveraging.
Read more: http://www.businessinsider.com/why-the-debt-ceiling-fight-was-really-bad-news-for-the-economy-2011-8#ixzz1UAdkhPaM
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