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The US debt ceiling farce risks slow-walking the world economy into a crash

David Chance


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Marjorie Taylor Greene, an ally of House Speaker Kevin McCarthy, says 'there’s gotta be cuts in spending' in exchange for an increase in the debt limit. Photo: Anna Moneymaker/Getty Images

Marjorie Taylor Greene, an ally of House Speaker Kevin McCarthy, says 'there’s gotta be cuts in spending' in exchange for an increase in the debt limit. Photo: Anna Moneymaker/Getty Images

Marjorie Taylor Greene, an ally of House Speaker Kevin McCarthy, says 'there’s gotta be cuts in spending' in exchange for an increase in the debt limit. Photo: Anna Moneymaker/Getty Images

Most countries – Ireland included – do all they can to avoid defaulting on their debt.

America though is different and every few years some Republican lawmakers embrace the idea that the threat of default offers a cathartic moment to ‘drain the swamp’, break what they see as Washington’s addiction to spending and to shrink the government.


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