The historic dysfunction surrounding the election of House Speaker Kevin McCarthy is raising concern of a debt ceiling crisis this summer or fall that threatens the world economy. | Analysis
There is a growing sense in Washington and on Wall Street that chaos won’t just be the opening act of the 118th Congress. It might be the whole play. The historic dysfunction surrounding the election of House Speaker Kevin McCarthy is raising concern of a debt ceiling crisis this summer or fall that threatens the world economy.
Goldman Sachs estimates the debt ceiling won’t limit the Treasury Department’s ability to finance the deficit until August at the earliest and the deadline could come as late as October. The precise deadline depends on the size of the budget deficit before then. Warnings of debt ceiling trouble are nothing new. Investors may be quick to dismiss this threat as a political sideshow.
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