Respect

The Debt-Ceiling Crisis: An Epic Humiliation


As the world watched, Democrats and Republicans averted a debt default on Aug. 1, 2011, by agreeing to reduce spending by at least $2.1 trillion over 10 years. That didn’t satisfy Standard & Poor’s; days later it lowered the U.S.’s credit rating to AA+.

Source: Newseum; Photographs: Newseum(14)
Lindblad_190
Lindblad is an associate news editor for Bloomberg Businessweek.
Coy_190
Coy is Bloomberg Businessweek's economics editor. His Twitter handle is @petercoy.

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