Survivors of the 2011 Debt Limit Showdown Say This Time Is Worse ...Middle East

When President Barack Obama signed legislation in 2011 that raised the debt ceiling and imposed sweeping spending cuts, he argued that the “manufactured crisis” had served as “just one more impediment” to the nation’s post-recession economic recovery. That lengthy impasse had resulted in months of grueling negotiations, “something that we could have avoided entirely,” Obama said.“Voters may have chosen divided government, but they sure didn’t vote for dysfunctional government,” he argued. Days later, Standard & Poor’s downgraded the country’s credit rating for the first time: Although the U.S. had not hit its borrowing cap, merely toeing the line of default had convinced the rating agency th

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Last updated : 10 May 2023 clock 11:13 PM

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Survivors of the 2011 Debt Limit Showdown Say This Time Is Worse ...Middle East

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