"The frequent games of chicken that Congress plays over the debt ceiling are — to use a term of art I recall from Economics 101 — droolingly stupid. In the end, yes, we always agree to pay our obligations. But the credit rating of the planet’s greatest economic superpower has already been lowered because of this every-few-years ritual, and each time we stage the absurd melodrama, we risk a miscalculation that sends us over the fiscal cliff."
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