First, the discipline imposed by the debt rule would have to bite gradually, rather than all at once, allowing time for corrective action, and avoiding sudden rollover crises so the plan calls for overlapping tranches of short-term debt.

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And now the fact is undeniable: We are in the throes of a global debt crisis a debt crisis in the U.S. that because of interconnected and overlapping markets now encompasses parts of Europe, Great Britain and Japan.

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