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The hottest issue in Washington is the US debt ceiling, and the question of whether the GOP will agree to hike it, and avoid a default.
Why is it such a big issue all of the sudden?
Well, because the debt itself is so huge, relative to GDP. We’re on the verge of that famous 90%-100% debt-to-GDP ratio where many believe a sovereign debt crisis is inevitable.
Thus a vote that used to be perfunctory is now the subject of massive nervousness in DC.
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