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Why Congress must raise the debt limit

The Christian Science Monitor

Wednesday, September 18, 2013

As we saw in 2011, brinksmanship increases interest rates and federal borrowing costs. The Bipartisan Policy Center—building on work by the Government Accountability Office—estimates that crisis will cost taxpayers almost $19 billion in extra interest costs.

Brinksmanship also increases uncertainty, reduces confidence, and thus undermines the economy. In 2011, for example, consumer confidence and the stock market both plummeted, while measures of financial risk skyrocketed.

2013-09-18 00:00:00
The Christian Science Monitor
A prolonged delay would be a powerful ‘anti-stimulus’ that could easily push our economy back into recession.