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shutdown…

October 13, 2013

People who think government used to be better at avoiding shutdowns and defaults are forgetting about past episodes of government dysfunction, like in 1979 “when the Treasury defaulted for two weeks over a debt limit increase delay and technical problems with its computers. It caused a 60-basis point rise in interest rates that lasted for years, according to academic research.” In 1979, Democrats controlled the presidency and both houses of Congress, so you can’t blame that default on the Tea Party. – See more at: http://cnsnews.com/commentary/hans-bader/myths-about-government-shutdowns#sthash.WoxsqU4h.dpuf

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