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Published on Jul 14, 2011
The clock is ticking on a deadline for Congress to raise the debt ceiling, but no breakthrough was in sight after a week of daily meetings at the White House. Sizing up what he called "the craziness and chaos," Sen. Bernie Sanders assessed the options. His No. 1 choice is a 50-50 deficit- reduction package that would match spending cuts with more revenue from the wealthy. As a practical matter, he allowed, "it ain't gonna happen." Another option favored by some hard-line House Republicans would be to do nothing and let the United States, for the first time in history, default on its debts. That "very bad" choice would result in untold economic consequences including widespread job losses and higher interest rates on homes and cars. "It is a bad deal. We must not default," Sanders said. Where's that leave us?