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Quick takeaways
- Lessons learned from the Obama debt ceiling crisis in 2011, including the political causes and ramifications of the crisis on the economy and the rise of progressive and Tea Party movements.
- The Budget Control Act of 2011 aimed to reduce the deficit and avoid default through provisions such as spending cuts and the establishment of a bipartisan Joint Select Committee.
Deep dives
Background on the United States debt ceiling crisis
The United States debt ceiling is a legal limit set by Congress on the total amount of debt that the United States government can accumulate to finance its operations.
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