America’s overdue financial crisis
From our UK edition
When Congress went into deadlock on the debt ceiling, it was the culmination of years of bitterness and complacency – and there is worse to come Washington DC It’s obvious to me why the United States found itself so deep in debt that only an ugly compromise — rushed through Congress on Tuesday and Wednesday — could save it from failing to pay its bills for the first time in its history. The country is in the middle of a moral crisis. So often have Americans heard the tale of their forebears’ self-reliance and genius for political accommodation that they have grown complacent. If the crisis is new, the danger is of long standing.