Both Parties Agree Default Is Possible

Punchbowl News: “Both Speaker Kevin McCarthy and Senate Majority Leader Chuck Schumer said Monday that the U.S. government could default on its debt. We’ve covered a lot of these debt limit skirmishes and they rarely begin with the two top lawmakers in Washington warning that the worst outcome — a default — is possible.”

“Part of this is posturing. McCarthy wants President Joe Biden to negotiate and Schumer wants McCarthy to back down. Neither of these seems likely at this point.”

“Both parties also have taken note that Wall Street still seems numb to this potential crisis in the making.”