The current impasse in addressing the unsustainable growth in the federal debt also goes beyond mere partisanship to a distorted sense of the long-term national interest. One could hardly envision a market development more injurious to our economic security than a technical default on U.S. government obligations, which would lower our national credit rating from AAA status. At the same time, raising the debt limit without progress toward reducing our structural deficit would be equally irresponsible and unsettling to the markets.
Yet those are exactly the scenarios looming in the budget debate.
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