For Tottering States, Bankruptcy Could Be the Answer

By Michael Barone - November 29, 2010

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We won't be able to say we weren't warned. Continued huge federal budget deficits will eventually mean huge increases in government borrowing costs, Erskine Bowles, co-chairman of Barack Obama's deficit reduction commission, predicted this month. "The markets will come. They will be swift, and they will be severe, and this country will never be the same." Bowles is talking about what the business...

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