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Is the debt ceiling debate 'full of malarkey'?

Is the debt ceiling debate 'full of malarkey'?

Reason.tv thinks so -- for three key reasons:

  1. August 2 is a phony deadline;
  2. Reaching the debt limit is not the same as defaulting on our debt -- which would indeed be catastrophic; and
  3. Legislating-by-panic is no way to run a country.

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