What to Do About the Debt Ceiling
20th January 2023
Republicans enter the debt ceiling fight with no leader, no strategy, and no specific proposal. They face a president who refuses to negotiate, a Democratic Senate, and a hostile media. When the Treasury Department’s “extraordinary measures” to avoid default come to an end this spring, markets are sure to tremble, and business and investors will pressure Congress for a quick fix. If the crisis isn’t handled properly, outcomes include a government shutdown, economic contagion, downgraded U.S. debt, and renewed GOP infighting. Oh, yes—in the worst-case scenario, federal spending would remain uncontrolled.
A regular day in The Neighborhood.