The political stalemate over raising the nation’s debt limit persists, as negotiations between congressional leaders and President Obama have so far failed to produce a compromise, and even flared into partisan acrimony. Meanwhile, credit rating agencies have renewed threats to downgrade the U.S. bond rating, a move many economists and financial market observers predict could lead to serious financial volatility in domestic and global markets.
What are the economic consequences if the negotiations fail, and the U.S. defaults on its debt for the first time in history? Who will bear the blame in the poisonously partisan atmosphere that has surrounded the process? On July 20, expert William Galston took questions in a live web chat moderated by Erika Lovley, assistant editor at POLITICO.
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