The debt ceiling crisis in the US really is quite extraordinary to behold. For decades, the US Congress has raised the debt ceiling as required. After all, the debt ceiling is just the natural consequence of a set of political tax and spend decisions, so in some sense it’s odd that it even requires separate legislation. As recently as late last year, most reasonable observers thought there was no chance that Congress would vote against raising the debt ceiling.

But the US Republican Party no longer does reasonable. Following the Tea Party takeover, House Republicans have now now decided that they would prefer to trash America’s credit rating (and thereby push up interest rates for millions of Americans) rather than accept any increase in taxes for high-income Americans...

http://www.andrewleigh.com/blog/?p=1289