Wall Street: speak on debt ceiling debacle

The short-term fix agreed by Congress pushes the debt-ceiling debate closer to mid-term elections, giving financial institutions an opportunity to influence a deal.
John Boehner, the Republican House speaker.
John Boehner, the Republican House speaker.

Everyone is breathing a sigh of relief that the Republican effort to extort political gains from President Obama by threatening the full faith and credit of the US has failed

For example, Mohamed El-Erian, Pimco co-chief executive – featured in this month’s edition of FinanceAsia magazine – writes that the deal this week means the US can avoid recession, job losses and threats to its international standing

It’s a view typical across the financial community worldwide

This costly disaster has already clocked in at the billions of dollars of losses in the US, not to mention a humiliating no-show at important Asian regional meetings by Obama It has led Fitch to put the...

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