RT Olivier Blanchard
More than the level of debt or even debt service, what matters most for debt sustainability is whether the budget process is functional or disfunctional, whether it can adjust if the need arises. The US budget process is disfunctional. Fitch downgrading was reasonable.

🐦🔗: https://n.respublicae.eu/ojblanchard1/status/1687004406707785729