5 Ways the Debt Crisis Changed Washington

Major Garrett, The Atlantic
The debt crisis left in its circus-like wake five permanent truths.1. A new precedent. Debt-ceiling increases are now tied to deficit reduction. With President Obama's signature, every future president until America's debt monster is tamed must come to Congress on bended knee and plead for the privilege of avoiding default. What had been an unhappy obligation of governance is now a lever to impose either spending cuts or tax increases in the pursuit of deficit reduction. A senior House Democrat on the Ways and Means Committee did not dispute this point. "We are bearing the...

Source: http://www.realclearpolitics.com/2011/08/03/5_ways_the_debt_crisis_changed_washington_260729.html

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