Democrats and Republicans will start what could become a monumental game of chicken this month over raising the limit on U.S. government borrowing, as Congress attempts to avert an historic debt default.
FILE PHOTO: FILE PHOTO: A family's stimulus check from the U.S. Treasury for the coronavirus disease aid arrived in the mail in MiltonWASHINGTON -
Adding to the pressure, Republicans aim to sit on the sidelines and let Democrats either take the heat for a default that could leave financial markets in chaos, among other things, or take full responsibility for raising what they call an out-of-control federal debt. The refusal to negotiate has left U.S. politicians "stuck between a rock, a hard place and some third object that is yet to be determined," Akabas said in an interview.
Senate Republican Leader Mitch McConnell, who in the past has voted for debt limit increases, has drawn a hard line. That's a step that Democrats do not want to take, but could be forced into. But it assumes that the huge bill will have enough support from the party's moderates, who are balking at the price tag, to actually pass.
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