govt shutdown looms

[Danzig]

[b]In 2011, Republicans in Congress attempted to use the debt ceiling as leverage for deficit reduction. The delay in raising the debt ceiling led to the first ever downgrade in the federal government's credit rating. The credit downgrade and debt ceiling debacle contributed to the Dow Jones Industrial Average falling 2,000 points in late July and August. Following the downgrade itself, the DJIA had one of its worst days in history and fell 635 points on August 8.[14] The GAO estimated that the delay in raising the debt ceiling raised borrowing costs for the government by $1.3 billion in 2011 and noted that the delay would also raise costs in later years. The Bipartisan Policy Center extended the GAO's estimates and found that the delay raised borrowing costs by $18.9 billion over ten years.[/B]

f***ing brilliant. raised borrowing costs by 18.9 billion.... and of course, those who don't study history are doomed to repeat it.

any guesses on the next downgrade? what it'll cost? that they only extend by six weeks, so we can keep arguing while solving nothing?