U.S. House Continues Dangerous Game of Political Chicken with the Economy
Fearing a vote not to raise the debt ceiling might have disastrous economic consequences, the US House of Representatives appears to have shifted tactics. It has temporarily moved the fight to defund Obamacare from the arena of the debt ceiling to the arena of the continuing resolution, i.e. funding government operations.
Either way, it is playing a dangerous game of political chicken with the economy. Congress must pass a continuing resolution by Tuesday, September 30, 2013 to avoid a government shutdown of all but the most essential operations. Similarly, by October 17 the debt ceiling must be raised so that the government can repay interest to individuals and institutions from which it has borrowed (i.e. not default on its debt).
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Topics: Business, Policy & Economy,