Tue Aug 10, 2021 AT 11:23 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. Read Full Story