President Barack Obama predicted Republicans won’t follow through on threats to shut down the government next month over disagreements about federal spending and his health-care law, saying such a move would risk a new economic crisis as the U.S. is recovering.
President Barack Obama and Republican congressional leaders are staking out positions ahead of next month’s budget battle, setting up their sixth showdown over how to avoid defaulting on the U.S. debt and shutting down the government.
The collapse of U.S. transportation funding bills in both houses of Congress points to a broader stalemate over fiscal 2014 spending and threatens to extend across-the-board budget cuts into next year.
Like any immigrant, I’m optimistic about the U.S. The crash will recede, confidence will come back and stronger growth will resume. The zeal of ordinary Americans to work hard and prosper will prevail over the weary incompetence of the political class. If I wanted to be pessimistic, though, I know what I’d be dwelling on right now: the new preoccupation with inequality.