The US will pay for its short-sightedness on debt

The US economy has paid a heavy price for Congress' obsession with short-term debt dynamics. The US needs to sort out its finances, but slashing non-defence discretionary spending is not the answer.

A bipartisan budget agreement created a feelgood moment for the US Congress, but we shouldn’t mistake that for a change in the occasionally amusing but often shameful Democrat-Republican relationship. With another debt ceiling showdown around the corner, that relationship is set to sour.

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