The Dangerous Game of the Debt Ceiling Standoff.

Congressional Republicans are refusing to raise the debt ceiling without significant spending cuts, setting up a showdown with President Biden. Treasury Secretary Janet Yellen has warned that the ceiling could be reached as soon as June 1. The situation is precarious not only for the U.S. economy, but for both political parties. If the U.S. defaults on its debt, it could lead to an economic catastrophe that could impact the 2024 election. Americans might blame Republicans for causing the economic crisis this summer, but if it’s not cleaned up by fall 2024, they might look at Biden and say, “What gives? Why haven’t you fixed this?”