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U.S. 2006 R&D budget favors defense, space
In the face of rising costs and stiffer competition from other countries, the administration cuts federal funds for R&D except for national defense and space exploration
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The long view
This Debt Ceiling Showdown Is Especially Risky
On Thursday, 19 January 2022, the federal government hit its $31.4 trillion debt limit. That means that it can’t borrow any additional money to meet its obligations, which include everything from issuing Social Security checks to paying interest on Treasury bonds. Past fights over the borrowing limit didn’t spark a financial crisis. This time could be different, according to two experts.
U.S. Debt Default Could Trigger Dollar’s Collapse – and Severely Erode America’s Political and Economic Might
Brinkmanship over the debt ceiling has become a regular ritual. As an economist, I know that defaulting on the national debt would have real-life consequences. Even the threat of pushing the U.S. into default has an economic impact. In August 2021, the mere prospect of a potential default led to an unprecedented downgrade of the nation’s credit rating, hurting America’s financial prestige as well as countless individuals, including retirees. And that was caused by the mere specter of default. An actual default would be far more damaging.