In today's column from luxury magazine, Monocle, we learn that as the United States reaches its debt limit, its Obama's slow-yielding attempts at turning around the recession that are being blamed.

Monocolumn is Monocle's daily bulletin of news and opinion. Catch up with previous editions here.

At some point before midnight, Barack Obama will likely put his name to an austerity plan passed last night by Congress, with just hours to spare before the United States reaches its borrowing limit, a deadline that would have meant the country eventually defaulting on its debt.

Today’s occasion will reflect a mixed accomplishment for what seems to be two Barack Obamas occupying the Oval Office simultaneously. It will be a moment of shameful capitulation for the man many Democrats expected to be a champion of the left, and a solid, if bloody, victory for the one-time outsider who has come to see himself as the guardian, above all, of the capital’s establishment consensus.

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