Simon Johnson: Republicans Are Making A 'Big Mistake'

Simon Johnson: Republicans Are Making A 'Big Mistake'
WASHINGTON - JULY 17: In this handout image supplied by the International Monetary Fund (IMF). International Monetary Fund's Economic Counsellor and Director of the Research Department Simon Johnson (R) and Deputy Director Charles Collyns (L) hold a press briefing on the release of the IMF's World Economic Outlook at the IMF Headquarters July 17, 2008 in Washington, DC. The IMF raised its growth forecasts slightly but stated the chance for a global recession. (Photo by Stephen Jaffe/IMF via Getty Images)
WASHINGTON - JULY 17: In this handout image supplied by the International Monetary Fund (IMF). International Monetary Fund's Economic Counsellor and Director of the Research Department Simon Johnson (R) and Deputy Director Charles Collyns (L) hold a press briefing on the release of the IMF's World Economic Outlook at the IMF Headquarters July 17, 2008 in Washington, DC. The IMF raised its growth forecasts slightly but stated the chance for a global recession. (Photo by Stephen Jaffe/IMF via Getty Images)

Congressional Republicans are again threatening not to increase the ceiling on the amount of federal government debt that can be issued. On Wednesday, they agreed to postpone this particular piece of the fiscal confrontation, but only until May. The decision to turn the debt ceiling into a confrontation is a big mistake for the Republicans and extending the indecision is likely to prolong the agony of uncertainty and have damaging economic consequences for the country.

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