Having raised taxes and the debt ceiling, US Republicans have another test on public debt

As I have been predicting since the beginning of the year, I believe the Republicans will be able to force through some form of austerity before the budget battles in Washington are over this quarter. As the year began, we saw the fiscal cliff showdown end in a Republican defeat with taxes being raised. WHile the payroll tax hike was the biggest drag on growth, these tax increases were not likely enough in total to throw the US into recession.
Afterwards, the timetable for the debt ceiling made...


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