Two years ago, inside Washington’s Beltway, bars extended happy hours, drinks flowed plentifully and furloughed government workers cheerfully toasted one another. The scene was a result of an impasse in Congress over spending, and when it was all over, everyone went back to work — while, according to ratings agency Standard & Poor’s, costs totaled some $24 billion in lost output across the economy. Even worse: The government saved zilch because workers were given back pay for the time they were at home (or in the bar).
Legislators in Washington appeared to be headed for a similar showdown this week, until the White House and congressional leaders reached a tentative deal to raise the $18.1 trillion federal debt limit.
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