It’s down to the wire again as Washington wrestles with another fiscal deadline.But even if lawmakers succeed in defusing the latest crisis, the uncertainty carries a hefty price tag.One study suggests that since the last budget impasse in 2011 -the market volatility, hiring delays and reduced consumer demand have shaved about $150 billion from the country’s gross domestic output.Testifying in Congress this week, economist Mark Zandi said that’s equivalent to more than one million jobs.“If political uncertainty had not risen to the degree that it has, the unemployment rate today would still be high, uncomfortably high,but at 6.6 percent that would make a meaningful difference to our economy’s performance.”Washington’s political dysfunction was evident this week when freshman Republican senator Ted Cruz railed for 21 hours against the health care law to delay a procedural vote.As part of his speech, he read excerpts from a children's book.Fiscal reform advocate Robert Bixby said that’s not a winning formula for Republicans."If their position is they would not increase the debt ceiling or indeed pass any appropriations bills unless Obamacare is repealed or defunded,that I think would be viewed by the public as an unreasonable demand and I think they would hold Republicans responsible.”
