President Barack Obama is adamant that he will not be held “hostage” by the Republicans in the House of Representatives, who are threatening not to raise the U.S. debt ceiling without some concessions on future spending and Obamacare. If the debt limit is not raised, lots of commentators fear that a default could be economically devastating. Be that as that may, Reason Science Correspondent Ronald Bailey points out that fiscal research finds that our relentlessly rising national debt will likely result in a massive economic hangover that will make Americans much poorer than we would otherwise have been.
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