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And… breathe. The craziness in the US Congress has abated, for now at least. The debt ceiling issue has technically only been deferred, not solved, even though senior Republicans have indicated that they don’t intend to fight a second round, the first having been so damaging to their party’s standing.

But now that the moment has passed and catastrophe has been avoided, what can be said? What are the consequences for the US of this economic near-death experience? The ratings agency Fitch indicated that it had put the United States’ debt on “negative watch,” and the Chinese ratings agency Dagong…

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