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Monday, August 01, 2011

A simple overview of debt compromise plan

In an announcement that came last evening, the Obama White House and Congressional leaders announced a debt compromise solution that both sides say they can support. However, there is significant dissent in the ranks both among conservative Republicans and liberal Democrats. The simple overview of the debt compromise plan provided below will illustrate the reason for the conservative dissent.
Via Karl Denninger at Market Ticker, the plan does the following:

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