The world is watching as negotiations to raise the US debt ceiling drag on towards the August 2nd deadline. Republicans recently proposed a plan to be voted on this week, hinging on cuts and caps, but the acrimony over spending or taxes continues.

Two Canadian economists have weighed into the debate, with editorials. While their approach differs, their conclusions do not. If politicians can’t let reason prevail and avert a US default, the consequences will be dire, not only for America, but the world.

Click here to read the editorials in the Financial Post.