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Republicans are strongly resisting the raising of the debt ceiling in spite of doom and gloom predictions that this could put an incredible strain on an already strained US economy. With the possibility of debt default increasingly inching towards the realm of probability, economists are bracing themselves for the worst. The speculation is that Republicans are using their votes on this as a leverage for concessions from the Obama administration without realizing the adverse economic impact of what they’re doing.
http://www.nytimes.com/2011/07/01/opinion/01krugman.html?smid=fb-nytimes&WT.mc_id=OP-SM-E-FB-SM-LIN-TTL-070111-NYT-NA&WT.mc_ev=click
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