The Intentional Debt Ceiling Stand-Off: Revealed Motives and Potential Default

The deadline for raising the US debt ceiling is approaching, but it's unclear when exactly it will happen. The House is expected to go first in the process, and the Senate could be called back to Washington on 24-hour notice. Finding the right mix of votes in the House will be challenging, and both sides must absorb a hit. Senate Minority Leader Mitch McConnell believes any package negotiated by the President and Speaker can "easily" pass the Senate. However, if a band of senators objects, it can stretch out the process for several days. The markets are watching closely, and efforts by liberal senators to invoke the 14th Amendment to avoid a debt ceiling crisis are being closely watched.