Senators voted 50-48 in favour of raising the borrowing limit. Plus, ‘upgrading’ your marriage
Good morning.
The Senate has, for now, averted a debt crisis that threatened to plunge the US economy into crisis after Democrats and Republicans approved a deal to increase the government’s borrowing limit.
What would a default mean? It could trigger a recession worse than the 2008 crisis, says the White House council of economic advisers, and employers worldwide would have to lay off workers.
Is it a partisan issue? Yes – but it wasn’t always. It has become politically divisive over the past decade or more, used largely by Republicans to criticize government spending and rising debt.
What next? The solution is short term and sets the stage for a repeat in December, when Congress may be in the same position.
How was the attempt thwarted? Several officials told Trump during the meeting that they would resign if Rosen was replaced with Clark, while Rosen’s deputy, Richard Donoghue, predicted there would be mass resignations across senior roles and other departments.
What else does the report say? A key takeaway is the fragility of the democratic system, which appears to depend heavily on the integrity of government workers. It calls for a clearer separation between the White House and justice department.
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