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

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