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Since Obama wasn't willing to agree to substantial cuts in spending, the correct course of action was probably to allow the default to take place, and to continue until agreement was reached.

After all, when you have an entity engaging in a long and persistant pattern of deficit spending and abuse of credit, it's a poor choice to apply for yet more credit.

The idea of Obama stamping his foot and holding his breath until he gets yet more credit authority is, of course, absurd.

Seattle Pioneer
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