Financial apocalypse looming

The Republicans' opposition to raising the debt ceiling is of a purely ideological nature, writes the left-liberal daily La Repubblica: "The talks between US President Barack Obama and the Republicans have reached a dead end that is entirely political. However, this is forcing the whole world to get used to the absurd, inconceivable prospect of the apocalypse of the global financial world. ... Raising the debt ceiling requires a blood, sweat and tears austerity package that the robust US economy could certainly cope with. The Republicans' resistance is purely ideological. In the name of extreme liberalism the conservatives are not even willing to consider tax hikes for billionaires and hedge funds. A flicker of common sense from the Washington politicians or a brainwave in financial policy must stop the train hurtling towards disaster at full speed. The timing couldn't be worse."

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