Showdown over, but dysfunction still runs deep in Washington
A hopelessly and structurally polarised politics has led to a stalemate in dealing with America's enormous debt, writes Niall Stanage.
President Barack Obama won the first big fight since his re-election last week, but there are plenty more battles just around the corner.
The deal that was struck enabled the United States to avoid the so-called 'fiscal cliff', a combination of across-the-board tax hikes and spending cuts that were set to kick in immediately, with potentially ruinous effects for the economy.
The agreement was of a smaller scale than some had hoped, however, which means...
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