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Krugman predicts debt-limit disaster

Paul Krugman took to his New York times blog on Friday to warn that "aggressive blunderers" among the GOP leadership were increasing the likelihood of the United States failing to lift the debt-limit by the Oct. 17 deadline.

Arguing that "GOP leaders fundamentally misjudged the situation (and Obama's incentives)," Krugman writes that Republicans have "backed themselves into a position where they don’t know how to back down." Obama, for his part, cannot concede "without destroying his own credibility and betraying the fundamental norms of governance."

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