The earned income credit actually works as an arbitrary ceiling on earning power.
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But it is telling that even after the debt-ceiling debate and the credit-rating downgrade, global investors remain happy to buy American debt because they still see America as a haven in a troubled world.
In the U.S., the fiscal cliff debacle promises to take its toll on markets, much like the debt ceiling debate which resulted in a credit rating downgrade and a massive risk asset correction last year.
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Everybody reconfirmed the importance of completing our work and raising the debt limit ceiling so that the full faith and credit of the United States of America is not impaired.
We remain very confident that Congress will act responsibly and maintain the full faith and credit of the United States government by raising the debt ceiling.
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First of all, a six-month extension of the debt ceiling might not be enough to avoid a credit downgrade and the higher interest rates that all Americans would have to pay as a result.
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The brinkmanship that preceded the increase in the debt ceiling on August 2nd, the downgrade to America's credit rating and the fiscal turbulence in Europe, are the sorts of things that could produce a self-fulfilling collapse in confidence.
And my point, as you know, I know, is that the -- raising the ceiling, the debt ceiling, is so important because it involves the faith and credit of the United States government as the most powerful economy in the world -- the economy to which the whole world looks for stability.
Failure to reach agreement on raising the debt ceiling in a timely manner would prompt a review of our AAA credit rating, Fitch warned.
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In 2011, Republicans demanded major budget cuts before they authorized a hike in the federal debt ceiling, a fight that contributed to a U.S. credit rating downgrade.
It sets the ceiling for planned EU spending - the equivalent of Europe's credit limit - just below what it is now - at 940 billion euros.
We believe very strongly that the impact of not raising the debt ceiling would be calamitous, that defaulting on the full faith and credit of the United States is a very bad idea.
The debt ceiling impasse has already begun to rear its ugly face in short-term credit markets.
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He said no and he ensured that that will not happen, this debt ceiling will be extended, and using it to play chicken with the full faith and credit of the United States will not happen again through the end of 2012.
All three major credit rating agencies have threatened to reduce the US sovereign debt rating a notch to AA if the debt ceiling is not raised and if the US budget remains in deep deficit.
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