Last summer's seemingly interminable debt-ceiling battle is going to cost taxpayers billions, according to a new report.
All told, the political fiasco will cost taxpayers $18.9 billion over 10 years, the Bipartisan Policy Center has found. That's largely the result of the government having to borrow at higher interest rates during the standoff, a time when investors feared the possibility of a default.
Forever blocked the debt-ceiling crisis out of your mind? This was the one in which Congressional Republicans threatened not to raise the country's borrowing limit unless lawmakers reduced the deficit. Eventually, the Obama administration and Congress reached a last minute deal, but amid the drama, experts warned that an inability to make a deal would lead to an immediate risk of a U.S. government default, financial crisis and recession.
The debt-ceiling standoff also hurt the job market, as the unemployment rate rose and job growth stagnated, according to data from the Bureau of Labor Statistics.
Hope you enjoyed the debate last time, because it just may happen again. At current pace, the government is set to hit the debt limit sometime between mid-February and March. Meanwhile, the Obama administration and Congress are in talks to try to avert the fiscal cliff, a set of tax hikes and spending cuts scheduled to take place on Jan. 1 if the government does not agree to a deficit-reduction deal -- which, incidentally, was part of the original debt-ceiling deal.
And by the way, some Republican Congressmen have hinted at using the debt limit as leverage to get the cuts they want, again.
Earlier on HuffPost:
1. Mansa Musa I - Ruler Of Malian Empire (1280-1331)
Estimated worth: $400 billion
2. Rothschild Family - Banking Dynasty (1740- )
Estimated worth: $350 billion (Pictured: Nathan Mayer Rothschild)
3. John D Rockefeller - Industrialist (1839-1937)
Estimated worth: $340 billion
4. Andrew Carnegie - Industrialist (1835-1919)
Estimated Worth: $310 billion
5. Tsar Nicholas II Of Russia - Last Emperor Of Russia (1868-1918)
Estimated worth: $300 billion
6. Osman Ali Khan, Asaf Jah VII - Last Ruler Of Hyderabad (1886-1967)
Estimated worth: $236 billion
7. William The Conqueror - King Of England (1028-1087)
Estimated worth: $229.5 billion
8. Muammar Gaddafi - Former Libyan Leader (1942-2011)
Estimated worth: $200 billion
9. Henry Ford - Ford Motor Company Founder (1863-1947)
Estimated worth: $199 billion
10. Cornelius Vanderbilt - Industrialist (1794-1877)
Estimated worth: $185 billion
11. Alan Rufus - Fighting Companion Of William The Conqueror (1040-1093)
Estimated worth: $178.65 billion
12. Bill Gates - Founder Of Microsoft (1955- )
Estimated worth: $136 billion
13. William De Warenne, 1st Earl Of Surrey - Norman Nobleman (??-1088)
Estimated worth: $146.13 billion (Pictured: St Peter's Church in Ardingly, UK believed to have been established by the family of William de Warenne)
14. John Jacob Astor - Businessman (1864-1912)
Estimated worth: $121 billion
15. Richard Fitzalan, 10th Earl of Arundel (English nobleman, 1306-1376)
Estimated worth: $118.6 billion (Pictured: Richard Fitzalan, 10th Earl of Arundel and his countess Eleanor)
16. John Of Gaunt - Son Of Edward III (1330-1399)
Estimated worth: $110 billion (Pictured: Tomb of John of Gaunt and Blanche of Lancaster)
17. Stephen Girard - Shipping And Banking Mogul (1750-1831)
Estimated worth: $105 billion
18. Alexander Turney Stewart - Entrepreneur (1803-1876)
Estimated worth: $90 billion
19. Henry, 1st Duke Of Lancaster - English Noble (1310-1361)
Estimated worth: $85.1 billion
20. Friedrich Weyerhäuser - Timber Mogul (1834-1914)
Estimated worth: $80 billion