Politics and Economics

US Default looms large as Politicians squabble

I turned on Meet the Press at 8am Pacific time this morning to see one of the Gang of Six declaring that he would not agree to severe cuts in spending so long as President Obama insisted on raising taxes for the wealthy. I had to shake my head and clear my thoughts as my brain started to focus on what I was hearing. The Guardian leader that has appeared in the UK publication’s Monday morning edition (see graphic) makes clear the fears others in the world have for the consequences for the world economy if the US defaults on

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