“The power to solve this is in our hands on a day when we’ve been reminded how fragile the economy already is,” he said. “If we do not come to an agreement, we could lose our country’s triple-A credit rating ... because we did not have a triple-A political system to match.”
The extent of the uncertainty hanging over the US economy was underlined as the head of the World Bank warned that politicians were courting “calamity” by not coming to an agreement ahead of a deadline of Tuesday next week. “To be blunt, to have a debt default in the United States would not only be a financial calamity but should be an embarrassment for every American,” said Robert Zoellick.
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