House Republicans coalescing behind a debt ceiling and budget proposal has increased pressure on President Joe Biden to deal with the GOP.
But as the White House continues to insist on a clean debt ceiling bill and House Republicans remain as adamant about Limit, Save, Grow Act provisions Democrats will never support, markets are starting to rattle as they grapple with the prospect of a default.The debt ceiling and budget standoff between Biden and Republicans is"really insane" and"a sign of dysfunctionality," according to American Enterprise Institute economic senior fellow Desmond Lachman.
"The economy is slowing, and we've just had a slight problem with Silicon Valley Bank and Signature Bank," he said."With markets unsettled and with a regional bank crisis going on, the last thing you need is to have the full faith and credit of the United States being put into question and have all foreign markets go crazy and everybody wanting to dump our securities."
"We have been in a similar position and gotten out of it numerous times before, but I don't think that we should be complacent because it is a very serious situation," the former 2009 Michael Bloomberg campaign aide added.
"So the showdown is going to occur soon," he said despite the House scheduling recesses during the first and last week of May, as well as the last week of June.
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