Veterans of the Obama-era debt ceiling standoff on the current one: We may be doomed
Veterans of the Obama-era debt ceiling standoff on the current one: We may be doomed
Financial experts and political operatives experiencing debt ceiling déjà vu fear this time around, the ending could be catastrophic.
House Speaker Kevin McCarthy may struggle to find a set of spending cuts that can satisfy his own conference, much less win support across the aisle.
By Adam Cancryn and Eugene Danie The last time the U.S. found itself on the verge of a debt ceiling disaster, David Kamin had a front row seat to all the action.
An economic adviser in the Obama White House, Kamin was among those charged with solving the 2011 standoff that rattled global markets, dented the economy and led to an embarrassing downgrade of America’s credit rating. The government narrowly averted a catastrophic default that year, striking a deal with just days to spare. But more than a decade later, with the nation deadlocked again over the debt ceiling, he fears the outcome this time around could be far worse.
“There’s the potential for it to be very bad,” said Kamin, who did a stint as a top Biden economic staffer before returning to academia last year. “We’re back here, and there’s a real risk to the economy on the line.”
Kamin isn’t the only one struck by a foreboding sense of déjà vu. From the White House to Wall Street, a growing number of veterans of the 2011 debt ceiling crisis are again watching a story of bluster and brinkmanship play out — and are terrified this will be the time it ends with the country in financial ruin.
Veterans of the Obama-era debt ceiling standoff on the current one: We may be doomed - POLITICO
https://www.politico.com/news/2023/01/26/obama-era-debt-ceiling-standoff-00079574
Veterans of the Obama-era debt ceiling standoff on the current one: We may be doomed
Financial experts and political operatives experiencing debt ceiling déjà vu fear this time around, the ending could be catastrophic.
House Speaker Kevin McCarthy may struggle to find a set of spending cuts that can satisfy his own conference, much less win support across the aisle.
By Adam Cancryn and Eugene Danie The last time the U.S. found itself on the verge of a debt ceiling disaster, David Kamin had a front row seat to all the action.
An economic adviser in the Obama White House, Kamin was among those charged with solving the 2011 standoff that rattled global markets, dented the economy and led to an embarrassing downgrade of America’s credit rating. The government narrowly averted a catastrophic default that year, striking a deal with just days to spare. But more than a decade later, with the nation deadlocked again over the debt ceiling, he fears the outcome this time around could be far worse.
“There’s the potential for it to be very bad,” said Kamin, who did a stint as a top Biden economic staffer before returning to academia last year. “We’re back here, and there’s a real risk to the economy on the line.”
Kamin isn’t the only one struck by a foreboding sense of déjà vu. From the White House to Wall Street, a growing number of veterans of the 2011 debt ceiling crisis are again watching a story of bluster and brinkmanship play out — and are terrified this will be the time it ends with the country in financial ruin.
Veterans of the Obama-era debt ceiling standoff on the current one: We may be doomed - POLITICO
https://www.politico.com/news/2023/01/26/obama-era-debt-ceiling-standoff-00079574