Treasury will undertake 'extraordinary measures' this week to put off a debt limit crisis. But these will only buy time, not solve the problem.
Starting in 1985, Treasury has resorted to such measures to buy budget time, most recently in 2011, 2012, and 2021. In all of those situations, a deal eventually was struck to raise the debt limit before a deep crisis resulted, although there were costs.
That’s how we’ve avoided a debt ceiling catastrophe in the past. But the politics now may be even harder than previous standoffs., House Speaker Kevin McCarthy got his seat because of deals made with hardcore combative Republicans, one of who said being “willing to shut down the government rather than raise the debt ceiling” was “non-negotiable.”
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