The Economic Consequences of the Debt Ceiling Showdown.
TL;DR Summary
Republicans and Democrats reached a tentative agreement to raise the debt ceiling, avoiding a potential default that could have led to a global economic meltdown. The debt ceiling crisis is a dangerous and avoidable disaster that could lead to higher interest rates, making doing business much more expensive, and causing a decrease in the value of the dollar. The Republicans sought a package of savings in exchange for their vote to raise the debt ceiling. The debt ceiling has been raised over 100 times in the country's history, but only Republicans have ever threatened to let the country default as a form of leverage.
- Debt ceiling showdown "was incredibly costly" to U.S., economic expert says CBS News
- Higher mortgage rates, lower social security payments: The calamity Washington wants to avoid with a debt ceiling deal CNN
- Demand for U.S. Treasury bonds could surge, even as default looms NPR
- No, raising the debt ceiling is not really about ‘paying our bills’ The Hill
- From your 401(k) to bonds, here’s how to protect your financial well-being as debt default worries grow CNN
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