The last time the U.S. found itself on the verge of a debt ceiling disaster, David Kamin had a front row seat to all the action.
Kamin isn’t the only one struck by a foreboding sense of déjà vu. From the White House to Wall Street, a growing number of veterans of the 2011 debt ceiling crisis are again watching a story of bluster and brinkmanship play out — and are terrified this will be the time it ends with the country in financial ruin.
For him, the similarities to now are obvious: a Democratic president unsure if the leader of the opposing party has the “clout” to get his conference on the same page. But the White House, at the time, felt Boehner understood and took seriously the dangers of default. At the Treasury Department, officials would be forced to prioritize what payments it could make to bondholders — a logistical challenge the government has never attempted before, and one sure to invite blowback for funneling money to foreign investors while Social Security and other benefits go unfunded.
Though the possibility of default is still several months away, Biden has signaled plans to meet with McCarthy on the issue, though the White House has said he will merely reiterate his current position that the debt ceiling is not subject to negotiation. In both the administration and Republican leadership, officials have begun privately gaming out endgame scenarios.
Democrats worried about what Republicans may do. “Hold the front page.” “Developing.” “Film at 11.” “Stop the presses.”
These insurrectionists DO NOT CARE ABOUT THE AMERICAN PEOPLE!!!
Self inflicted, for no reason. No other country has a debt ceiling like this.
'Republicans are preparing to stare down the White House with no clear consensus on what they want in exchange for keeping the U.S. financial system afloat.' Tank everything .. That will really show the LIBs
Wish every time I spent way too much money I could just force my already maxed out credit card I have no intention of paying back to increase my limit so I can immediately max it out again on crap I don’t need just so I can force them to raise my limit against year.
It's becoming more and more clear that investors have 'priced in' a total collapse of Capitalism, and Govt bailing out the Rich once again. I know I am 'supposed' to root for them to win, and 'grow the economy,' but that just feels Wrong. They should not Win.
This blame fall on the big spenders shoulders. They should have stopped printing money and spent more of what they already didn't have on America. The current administration is hell bent on killing our economy. Why should any of them care? Thay are so old it won't be their issue
Strange how this only happens when GOP has a majority and don’t get along with the Pres.
Yeah Obama era clowns. I remember under Trump my 401k soaring… now it’s on oxygen
Until their financial masters call them off, the Republicans are intent on crashing the economy. Billionaires are insulated from a crash by diversified asset portfolios. They stand to gain from a crash where they can buy companies and property for nothing.
You know what is more catastrophic, bankrupting the country with trillions of dollars of wasteful social spending. When you hit your debt limit, you don't raise it, you cut spending.