By Martin Khor* | IDN-InDepth NewsAnalysis
GENEVA (IDN) – The world waited with bated breath as the deadline neared. And breathed a sigh of relief when at the last minute the United States avoided crossing its “debt ceiling” and a default on its debts.
The debt ceiling was raised, and the government shutdown also ended, after weeks of a high-profile standoff between U.S. President Barrack Obama and the Republicans in Congress. But this relief was mixed with incredulity and frustration.
Firstly, the respite is only temporary; the can is just kicked down the road. The deadlines for government shutdown and debt ceiling are shifted some weeks away to January and February 2014.