On the debt limit, Congress is seriously unfunny

December 10, 2014

In the days following the November elections, a popular refrain among critics of the political press was that claims that “Republicans have to show they can govern” were “a reporter’s wish masquerading as an accepted fact.” The essence of the argument is that obstructionism has proven successful, with November’s results providing the proof.

The winners at the polls are a little more than a month away from being sworn in, and the 2016 campaign season appears in full swing, with Republican infighting already threatening to derail the government. Congress, which embraces doing the people’s business with all of the zeal of a petulant 13-year-old trying to avoid homework, has negotiated a $1.1 trillion budget deal that should fend off a government shutdown that would have taken effect at midnight Thursday.

Sen. John Thune of South Dakota joked that brinkmanship around the debt limit “is a Christmas tradition.” Hilarious. Standard & Poor’s estimates that 2013’s 16-day shutdown cost the U.S. economy a knee-slapping $24 billion, and in 2011 the fundamental unseriousness of the U.S. approach to the debt limit caused S&P to lower the U.S. bond rating, the longstanding effects of which could cost taxpayers uproarious tens of billions of dollars per year.

As this Reuters graphic shows, America’s credit rating still hasn’t recovered, with Standard & Poor’s granting a stable AA+ rating, and Moody’s ascribing a negative AAA outlook. To be sure, U.S. bonds are still among the highest rated in the world, and even with the 2011 downgrade, they are the envy of countries like Italy, whose bonds took yet another hit this week. But insofar as the U.S.  damage has been self-inflicted, it is infuriating.

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Very good.
Could you publish the complete list (I would like to see South America).
Or,cuild you please tell me where can I find the ratings?
Thank you

Posted by Botinhao | Report as abusive