This year’s debt ceiling debate has a different feel to it for some lawmakers.
FILE - House Speaker Kevin McCarthy, R-Calif., talks to reporters at the Capitol in Washington, March 24, 2023. This years debt ceiling debate has a different feel to it for some lawmakers. The most recent debates over increasing the nations borrowing authority generally have been contentious but resolved before markets started to panic. But this year, a new Republican majority in the House is itching for a spending showdown.
But some damage was done. Standard & Poor’s Ratings Services downgraded U.S. debt for the first time that year because it lacked confidence political leaders would make the choices needed to avert a long-term fiscal crisis. “President Biden is not President Obama, right?” said Rep. Scott Perry, R-Pa., the leader of the hard-right House Freedom Caucus. “His poll numbers are in the tank and they’re going to keep going down.”
“Any damage in Treasury markets and the bond market, to the economy, will fall at the feet of the president of the United States because he’s the one that started this entire saga saying he wanted no negotiations,” said Rep. Byron Donalds, R-Fla.Democratic Rep. Gerry Connolly of Virginia said what concerns him most is that some Republicans believe the damage from a federal default is manageable, rather than to be avoided at all costs.
“As we can see from recent events given the banking crisis, the system is very fragile at this point in time,” Zandi said. “Adding the debt limit as an issue for investors would be particularly inopportune.”“I think under any scenario, we would go into recession, it would be severe, financial markets would be upended,” Zandi said.
There have been roughly 80 deals to raise or suspend the borrowing cap since the 1960s. Romney noted that the debt ceiling was extended, with the help of Democrats, multiple times during Donald Trump’s presidency.
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Intensity and insults rise as lawmakers debate debt ceilingThis year’s debt ceiling debate has a different feel to it for some lawmakers. The most recent debates over increasing the nation’s borrowing authority generally have been contentious but resolved before markets started to panic. But this year, a new Republican majority in the House is itching for a spending showdown. They blame what they view as excessive federal spending for inflation and for the growing national debt. The past week featured a terse exchange of letters between President Joe Biden and House Speaker Kevin McCarthy. One McCarthy ally, Rep. Patrick McHenry of North Carolina, says he’s very worried and doesn’t see how the impasse gets resolved.
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Intensity and insults rise as lawmakers debate debt ceilingFights over increasing the nation’s borrowing authority have been contentious in Congress, yet follow a familiar pattern: Time and again, lawmakers found a way to step back from the brink before markets began to panic and the nation risked a dangerous default on its debt.
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Intensity and insults rise as lawmakers debate debt ceilingFights over increasing the nation’s borrowing authority have been contentious in Congress. Time and again, lawmakers found a way to step back from the brink before markets began to panic and the nation risked a dangerous default on its debt.
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