, Columnist
Done Right, A Debt Agreement Could Still Yield Positives: Echoes
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The debt-limit battle of 10 years ago still echoes, but a new ring of accomplishment can also be heard.
I was Treasury Undersecretary in 2001 when the recession and the impact of the Sept. 11 terrorist attacks required the first debt-limit hike in four years. Treasury made the request to Congress in early December, and, unsurprisingly, Congress tabled it at first. A vote to raise the debt ceiling has never been popular.