The dispute between Democrats and Republicans over lifting the debt ceiling shows no signs of ending, with possibly disastrous consequences.
| A high stakes game of chicken is underway in Washington over negotiations to lift the US debt ceiling, with experts warning the US risks defaulting on more than $US475 billion a year in interest payments and possibly the first credit rating loss in more than a decade.
, since lifting the borrowing cap requires a majority vote in the Senate and the House, which Republicans now control. She has reiterated that lifting the limit does not authorise new spending, just allows the government to pay existing legal obligations.once the limit is reached to “prevent the United States from defaulting on its obligations”. The US last defaulted in 2011 when Congress could not resolve a dispute over lifting the ceiling.
David Kelly, chief global strategist at JPMorgan Funds, blames both parties for their refusal to negotiate a compromise.
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