The Distillery: Washington reboot

With a deal now struck to temporarily avoid US default, jotters look to what could have been – with one arguing worries were always overblown.

An agreement has been reached and it appears a deal will soon be signed to ‘restart’ Washington and raise the debt ceiling, with the compromise agreement to provide at least a few months’ relief. The issue prompts one commentator to ponder just how bad a default would have been for the global economy, while another argues we have been deceived about the threat all along. A default event was still some way off.

The markets, meanwhile, have been remarkably sanguine throughout the whole debacle, making it a surprisingly good October in one scribe’s eyes.

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