Archive: 8/1/2011
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  8/1/2011, Av 1, 5771

Obama Sustained More Severe Damage in Deficit Debate


It was clear from the outset that with Republicans holding the House of Representatives and the Democrats holding the Senate and the White House, no side was going to emerge with a clear-cut victory in the debt ceiling crisis. This left two distinct alternatives: Compromise or deadlock and ensuing default. Despite the cliffhanger atmosphere, it was a virtual certainty that the United States could not afford to default, and therefore a compromise would be reached.