How could the United States sail so close to defaulting on its debts? There’s an easy answer: political dysfunction and financial recklessness.
With just over a week to go until the world’s biggest economy potentially runs out of money to pay its bills, Republicans and Democrats were still unable on Monday to see eye to eye on a solution. But there’s another explanation too. The ongoing debt-ceiling standoff, which has the potential to tip markets into mayhem, is a kind of winner’s curse. Its root causes are the same things that put Uncle Sam on top in the first place.
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