Downgrade Controversy Began With Single Phone Call-华尔街日报

On July 31, the White House and congressional Republicans reached a deal to raise the $14.29 trillion debt ceiling and cut between $2.1 trillion and $2.4 trillion from the deficit over 10 years. The agreement fell short of the $4 trillion package some White House officials and congressional leaders had strived to achieve. But Republican resistance to tax increases and Democratic opposition to major health-care cuts ultimately torpedoed hopes for a larger deal.

Perfect example collectively not loss averse!

via Downgrade Controversy Began With Single Phone Call-华尔街日报.

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