Financial experts and political operatives experiencing debt ceiling déjà vu fear this time around, the ending could be catastrophic
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.
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