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Merriam-Webster has chosen its 2011 word of the year and the winner is “pragmatic.” Meaning practical and logical, it’s no surprise that the dictionary chose it because it was the most searched word on their website in the last year. There’s no telling why it was the most looked up word, but searches spiked prior to Congress’ vote on raising the debt ceiling in August.

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With less than two weeks to go before the August second deadline, the White House and lawmakers don’t appear to be any closer to solving the debt crisis. President Obama has indicated he might be willing to raise the nation’s borrowing limit for a few days if they need more time to come to a deficit-reduction agreement.

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Credit rating agency Moody’s says they’re set to cut America’s triple-A debt rating. While they say that the risk of the US defaulting on their debt payments is low, it certainly isn’t an insignificant risk. This comes as cross-party talks aimed at raising their debt ceiling continue to be deadlocked.

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