Debt Ceiling Crisis Averted For Now, But Just Wait Two Years
- Risking financial crisis is now a regular Washington thing
- GOP won concessions by taking US to brink of default
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The last-minute deal to raise the debt limit averted a US default, but risks making brinkmanship over federal borrowing a seasonal event as lawmakers wage fiscal war in Washington.
The agreement now awaits President Joe Biden’s signature just before a June 5 default deadline, capping weeks of bitter negotiations that strained Treasury markets. It will cost taxpayers as investors absorb a new normal.