The US remains in a fiscal pickle

Barack Obama emerged triumphant overnight, but the debt battle has done ongoing damage to the US recovery. And debt ceiling uncertainty will inevitably re-emerge within months.

It is a huge win for President Obama with the budget and debt ceiling siege in the US over, at least temporarily, with an eleventh-hour deal to pass the budget and increase the debt ceiling.

The cranks in the Republican Party in Congress have been humiliated, caving in to the agenda set by Obama. Obamacare is untouched.

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