WASHINGTON — Avoiding an economic showdown with President Obama, the House passed legislation Wednesday to eliminate the nation’s statutory borrowing limit until May, without including the dollar-for-dollar spending cuts that Republicans once insisted would have to be part of any debt limit bill.
The 285-144 vote staved off an impasse that could have put the full faith and credit of the US government into doubt and potentially set off economic disaster. Instead, the next Republican showdown with the president will come in March, when the subject will be across-the-board spending cuts first and a possible government shutdown by the end of the month.
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now the worst in US history, having just dipped below the heretofore lowest on record.
source: http://www.zerohedge.com/news/2013-01-24/its-official-worst-recovery-ever