This may be the way the world ends — not with a bang but with a temper tantrum.
OK, a temporary government shutdown — which became almost inevitable after Sunday’s House vote to provide government funding only on unacceptable conditions — wouldn’t be the end of the world. But a U.S. government default, which will happen unless Congress raises the debt ceiling soon, might cause financial catastrophe. Unfortunately, many Republicans either don’t understand this or don’t care.
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Krugman writes for the New York Times.