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A US debt deal will be done, but it will offer only temporary respite
After another humiliating defeat for John Boehner’s bill, where are we now in the hunt for a compromise to head off US default and government shutdown? No nearer a deal, that’s where. It’s a quarter to midnight and House Republicans cannot even agree among themselves on the way forward, let alone reach an accord with the Democrat Senate. If there’s still nothing over the weekend, then we can expect markets, already jumpy enough, to be showing real signs of distress when they open first thing Monday morning. After the markets have closed on Friday, the US Treasury is expected to announce details of what it ... (full story)