Debt ceiling fears impact bond trading and insurance costs.

Unlike in 2011, public opinion is split on raising the debt ceiling, with Republicans pointing to polls showing tepid support for raising the cap and preference for spending cuts over tax increases. However, overwhelming support for lifting the cap is seen once poll respondents are told breaching it could lead to a default. Biden is in a precarious position with lower approval ratings than Obama's ahead of the 2011 crisis, and voters remain worried about inflation and the economy. Republicans say inflation could make 2023 different from 2011, as there is a clear connection that the electorate has between spending and inflation.