The ‘dysfunctional’ debt ceiling fight could deal a $12 trillion blow to the American economy if Washington doesn’t get its act together

Once upon a time, the debt ceiling was something that made it easier, not harder, for America to pay its bills. Over 100 years ago, before the first world war, whenever the U.S. Department of the Treasury needed to issue bonds to finance government spending, it had to seek approval from Congress.…

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