Democrats gamble on GOP caving in debt ceiling fight
By Jordain Carney - 08/10/21 06:00 AM EDT
Congress is barreling toward a high-stakes showdown over the nation's borrowing limit, with neither party ready to blink.
Congressional leaders will soon need to find a way to pass legislation raising or suspending the debt ceiling, or risk a default that could have catastrophic ramifications for global financial markets.
So far, they appear content to play a game of chicken reminiscent of the 2011 standoff that resulted in the S&P taking the historic step of downgrading the U.S. credit rating.
One option for Democrats would be to try to raise the debt ceiling on their own as part of a $3.5 trillion spending package they will try to pass this year under budget rules that let them avoid the need for any GOP votes. Instead, they appear to be betting that Republicans will ultimately put up the votes to help raise the spending limit.
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https://thehill.com/homenews/senate/567065-democrats-gamble-on-gop-caving-in-debt-ceiling-fight
