From Robert Barro and FT.com: The coming crises of governments

http://www.ft.com/intl/cms/s/0/78abaf5c-be11-11e0-ab9f-00144feabdc0.html#axzz1U40jVIR5

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The raucous debt-ceiling debate represents a good start in forging a serious long-term fiscal plan. Substantial additional progress will be needed, sadly much of which will probably have to await the outcome of the next US election. Yet progress must be made – or the impending crises of governments, signalled by possible downgrades of US debt, will make the 2008-09 recession look mild."