Debt Limit Threat Looms

“With days to go before the United States bumps up against a technical limit on how much debt it can issue, Wall Street analysts and political prognosticators are warning that a perennial source of partisan brinkmanship could finally tip into outright catastrophe in 2023,” the New York Times reports.

“Bank of America analysts wrote in a note to clients this week that a default in late summer or early fall is ‘likely,’ while Goldman Sachs called the possibility that the government would not be able to make good on its bills a ‘greater risk’ than at any time since 2011. When the nation approached the brink in that episode, its credit rating was downgraded and wild market gyrations helped to force lawmakers to blink.”