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2min chapter
Daunting debt limit dynamics
Goldman Sachs Exchanges
Introduction
The debt limit was originally enacted to simplify the process of issuing debt to fund government spending. But what began as an attempt at efficiency has turned into a frequent game of political brinkmanship. Stephen Kaplan argues that the constant wrangling over the debt limit creates the tail risk, however small it may be, of a U.S sovereign debt default.
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