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The month ahead

Debt crisis, the birth of a nation and the return of Shinawatra

By Prospect   July 2011


Debt crisis summit

Both Democrats and Republicans are anxious to conclude negotiations on extending America’s borrowing limit of $14,300bn. If they fail to reach an agreement by 2nd August, the resulting downgrade of its credit rating may cause the US to default on its debt. Although both sides agree that any deal will involve substantial long-term fiscal tightening, divisions remain: Republicans oppose tax rises and Democrats are against cuts to healthcare services. Nevertheless, House majority leader Eric Cantor has said he is “cautiously optimistic” that Republican demands will be met.


A dark chapter revisited

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