If we hit August 2nd without an agreement and for the first time lose our borrowing authority, the impact of that will be felt dramatically, without question.
And a more fundamental question - what will be the point of all the councillors in one local authority assembling in one place for a meeting any more when the real decisions on services are being made at a higher level?
Some, however, think that the language in the Clean Air Act is so clear that even the conservative justices, who in the past have based decisions on the language of the statute in question while ignoring surrounding policy considerations, will argue that the EPA has the authority to regulate, and that they must do so.
The question Mundell avoids answering is how the central monetary authority, in whatever guise it ends up, will determine the demand for money so as to adjust the supply of money appropriately without inflating or deflating the currency?