Business, community, and government leaders are growing increasingly alarmed that the populist and ideologically conservative House Republicans may endanger Congress’ ability to approve an increase in the federal debt ceiling, a move crucial to avoiding the nation’s first-ever default and a calamity in the financial markets.
The federal public debt ceiling has been either raised or suspended about a dozen times over the last decade, often after considerable uncertainty and very messy fights. One might assume that the pending debt-limit fight will end much like others, when Congress and the president reached the precipice only to find an out at the 11th hour.
That likely will be the case this year as well. But a confluence of events increases the chances of a very different result. CONTINUED
Charlie Cook
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