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Washington’s debt ceiling circus

The annual showdown in Congress over funding the federal government simply repeats the self-defeating patterns of past tussles, with potential economic and fiscal consequences  

    • A board at a bus stop in Washington showing the US national debt figure after the US government hit its US$31.4 trillion borrowing limit on Jan 19 amid a standoff between the Republican-controlled House of Representatives, President Joe Biden and Democratic legislators that could lead to a fiscal crisis in a few months.
    • A board at a bus stop in Washington showing the US national debt figure after the US government hit its US$31.4 trillion borrowing limit on Jan 19 amid a standoff between the Republican-controlled House of Representatives, President Joe Biden and Democratic legislators that could lead to a fiscal crisis in a few months. PHOTO: REUTERS
    Published Tue, Jan 24, 2023 · 03:44 PM

    NEWSPAPER editors and television news producers tell us that occasionally when another hurricane engulfs Florida, another earthquake shatters San Francisco, or those wildfires are back in California in the summer, they sometimes joke about going to the archives and “using” versions of the reports on these stories from last year.

    Let’s face it, the TV images of the wildfires that burned in Santa Monica in one year look almost the same as those that were shot there in another, and so do the interviews with distressed residents and the rescue operations.

    Which brings me to the coverage of the spectacle that takes place in Washington every year in the form of the debate that commences when the United States hits the limit on how much money it can borrow, aka the debt limit.

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