Dr Lucy O'Carroll, chief economist at SWIP, explains what happens next following the US government's recent debt ceiling negotiations.
With pressure mounting from domestic and external sources, the US Congress eventually agreed an eleventh-hour deal to end the partial government shutdown and extend the country’s debt ceiling at the end of last month. Thus, an early US debt default was avoided. But with the deal keeping the government open and extending the debt ceiling for only a few months, the uncertainties surrounding the longer-term situation could continue to dampen US confidence and activity into 2014. What has been agreed? By a wide margin, the Senate (81 votes to 18), and the House of Representatives (285 v...
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