With a number of Republicans musing that failing to pass a debt increase might not be so bad after all, TPM floated the idea by someone who knows a thing or two about countries facing default: former IMF chief economist Simon Johnson.
"It would be very damaging, there's no question about that," Johnson said of a debt ceiling default. "It would really destabilize financial markets and lead to all sorts of unpleasant repercussions in the United States and around the world."
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