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Alan Blinder: The Partial Faith and Dubious Credit Act


Do we really want Congress to decide which creditors to pay and which ones to stiff? Have you heard about H.R. 807, the "Full Faith and Credit Act," passed last Thursday by the House of Representatives? That's what I thought. So let me explain why you should be against it. Republicans, especially House Republicans, have been using the national debt ceiling as a kind of cudgel to gain advantage in the budget wars. This game of chicken got a bit scary in August 2011 when the country came within a hair's breadth of defaulting on the national

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Posted: May 13, 2013 Monday 08:37 PM