But transporting gas is difficult and it has no international spot market, forcing producers to find long-term buyers before any big investment in a gas field, which can be a long process.

ECONOMIST: Oil��s well that ends well

Forcing banks back to the short-term debt markets for funding (or even to rely on their own deposit taking operations) is another baby step to getting the banks out of the emergency safety net.

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The unbanked often use expensive cheque-cashing services, and they have little access to cheap credit, forcing them to approach moneylenders for short-term cash.

ECONOMIST: Squeezing the banks

Moreover, forcing Democrats to account for their behavior will have a salutary long-term effect on their party and on the US as a whole.

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In the long term, though, failure to keep budget deficits under control could be costly for the American economy, forcing interest rates higher and weakening the labour market still further.

ECONOMIST: Squaring the circle | The